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LATEST NEWS FROM LEE
Superannuation, as we know, is a legal obligation on the part of all employers to contribute a minimum percentage of each employee's earnings to a compliant superannuation fund or retirement savings account. Currently the superannuation guarantee contribution rate is 9.5% of a worker’s ordinary time earnings.This rate will increase by 0.5% on 1 July 2021. Further increments will apply annually up until 2025/26 when ultimately the superannuation guarantee rate will be set at 12%.
This of course is good news for all employees. It is however only good news if the superannuation guarantee rate is in fact paid by the employer.
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