How increase in super contributions to 10 per cent from July 1 will boost your ...

How increase in super contributions to 10 per cent from July 1 will boost your ...
How increase in super contributions to 10 per cent from July 1 will boost your ...
Exactly how much more super YOU'LL get as employer retirement savings are increased each year from July 1 Compulsory employer superannuation rising to 10 per cent from July 1, 2021 The increase from 9.5 per cent expected to boost average retirement savings Association of Superannuation Funds of Australia calculated $19,000 benefit 

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Australians are likely to see another $19,000 in their retirement savings as a result of changes coming into effect on July 1.

Compulsory employer superannuation contributions are next week rising to 10 per cent from 9.5 per cent.

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The Association of Superannuation Funds of Australia calculated this change would see average retirement savings for a 30-year-old worker rise to $468,000, from $449,000.

This would still be a long way from the $535,000 recommended for a comfortable retirement, based on the pension age rising to 67 from 2023.

Australians are likely to see another $19,000 in their retirement savings as a result of changes coming into effect on July 1. Pictured are women at the Sydney Opera Bar

Australians are likely to see another $19,000 in their retirement savings as a result of changes coming into effect on July 1. Pictured are women at the Sydney Opera Bar

But it's still $19,000 better than under the existing 9.5 per cent level.

'It's clear that the super guarantee rise puts Australians firmly on track to achieve the dignified retirements they deserve,' AFSA's deputy chief executive and chief policy officer Glen McCrea said.

Employer super contributions are progressively rising to 12 per cent by July 2025, which ASFA calculated would boost average retirement savings to $534,000 - $85,000 more than under the current rate.

But Labor wants super increased to 15 per cent, as envisaged by former prime minister Paul Keating when the compulsory retirement scheme debuted in 1992.

Compulsory employer superannuation contributions are next week rising to 10 per cent from 9.5 per cent. The Association of Superannuation Funds of Australia calculated this change would see average retirement savings for a 30-year-old worker rise to $468,000, from $449,000. Pictured is a woman sanitising a Bondi Junction store in Sydney's east

Compulsory employer superannuation contributions are next week rising to 10 per cent from 9.5 per cent. The Association of Superannuation Funds of Australia calculated this change would see average retirement savings for a 30-year-old worker rise to $468,000, from

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