Increase to minimum superannuation to take place on 1 July 2014
By Chao Ni, Associate, MST Lawyers
The minimum superannuation guarantee will likely increase on 1 July 2014 after the Government’s attempt to delay the increase was rejected by the Labor/Green Senate on 25 March 2014.
Under existing legislation (enacted under the former Labor Government), the superannuation guarantee rate will increase from 9.25% to 9.5% on 1 July 2014 and then increase in 0.5% increments from 1 July 2015 until 1 July 2019 when it reaches 12%.
We expect that the Government will make further attempts to delay the scheduled increase with the new Senate after 1 July 2014.
For information on how to deal with increases to the superannuation guarantee rate, please read our previous article or contact MST Lawyers Workplace Relations team on Ph: +61 3 8540 0200 or email the author of this article, Chao Ni.