Superannuation - what is it and how much should I be paid?
Superannuation is your right, and it is also your retirement fund. To know more about super and to make sure you are being paid the right amount follow the guide below.
Outcome
To know what superannuation is and how much I should be paid
Let's start with why it is important:
- superannuation is your retirement plan, it might seem pointless at the time but it all adds up by the time you retire. Your retireed self will thank you for later
- being paid superannuation is your right, if you are not being paid superannuation you need to address this with your workplace immediately
Information
What is super?
Superannuation is put simply your retirement pension. As you work, your employer pays money on top of your wage to your chosen super fund. Your fund then invests this money so that your money hopefully grows. Although they do charge fees such as insurance so if you are not contributing to your super, you can loose your money. When you retire you get access to this money to live on or invest.
What to do next
Super ID
Keep your super ID in a safe place, you will need it when you get a job, your employer will ask you to fill out a form with this information included.
Choosing a super fund
Here is a short list of some common Australian superfunds, for more information contact the fund directly.
Australian Super is one of the largest super funds in Australia and offers low fees.
Australian Ethical is Australia's largest ethical super fund, in that they invest in projects to improve the current climate crisis, improve educational outcomes etc.
Cbus is super fund specfically for construction, manufacturing and logistical industries and offers many benefits for its members.
When choosing a super fund ensure you choose one with a good reputation, it might be a good idea to do reseach including asking friends, co workers and family.
How do i check if i am getting the right amount of super?
Go the link below from Moneysmart and enter your details. Your results will tell you if your employer is paying the right amount of super. If you are not being paid the right amount of super talk to you payroll manager or boss immediately.
More Information & Services
CALL CENTRELINK FINANCIAL INFORMATION SERVICES 132 300 (free financial advice from Centrelink)
CALL CENTRELINK INCOME MANAGEMENT 1800 132 594 (counselling service for ATSI peoples available 24/7)
CALL INDIGENOUS CONSUMER ASSISTANCE NETWORK (ICAN) 1300 369 878 (available 3pm - midnight everyday for LGBTI peer support)
Australian Government's Moneysmart free financial counselling service available to all Australians
Salvation Army's free financial counselling service
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