Superannuation in Australia refers to the arrangements which people make in Australia to have funds available for them in retirement. In Australia, superannuation arrangements are government-supported and encouraged, and minimum provisions are compulsory for employees. For example, employers are required to pay a proportion of an employee's salaries and wages (currently 9%) into a superannuation fund, but people are encouraged to put aside additional funds into superannuation. The minimum obligation required by employers is set to increase to 12% gradually stepping annually from 2013 to 2020.
An individual can withdraw funds out of a superannuation fund when the person meets one of the conditions of release contained in Schedule 1 of the Superannuation Industry (Supervision) Regulations 1994.
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... Compulsory superannuation is argued by some people to be unconstitutional, and have long term negative financial implications on lower income bracket households ... Australian High court agreed to hear a constitutional challenge to the validity of the Superannuation Guarantee Act (SGA)." It is argued that the ... Losses to the superannuation funds from the global financial crisis have also been a cause for concern, said to be around $430 billion ...
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“I like Australia less and less. The hateful newness, the democratic conceit, every man a little pope of perfection.”
—D.H. (David Herbert)