Superannuation in Australia

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.

Read more about Superannuation In Australia:  Introduction, Similar Schemes in Other Countries, Criticism

Other articles related to "superannuation in australia, superannuation":

Superannuation In Australia - Criticism
... 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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