Australian Politics Forum - The Super Gararantee Has Gone Up

imcrookonit

Ex Member

The Super Gararantee Has Gone Up
Aug 9^th, 2014 at 12:59pm

Superannuation Guarantee has gone up to 9.5% - make sure your employer is paying at least this.
Friday, 8 August 2014
FSU Australia

Minimum employer superannuation contributions increased to 9.5% from 1 July this year.

All employers must now be paying into a complying superannuation fund an amount equal to at least 9.5% of your ordinary time earnings (capped at $197,720) for 2014/2015. Ordinary time earnings, (OTE), include salary, bonuses, shift and weekend loadings but not overtime pay. Where ordinary time earnings exceed the cap, the super contribution is limited to 9.5% of the cap. (i.e. $4695.85 per quarter or $18,783 per year)

The July 1 increase is meanwhile part of a scheduled program that will eventually take minimum contributions to 12% by 2019.

These increases were legislated by the former Labor government but the Abbott Liberal/National government has announced plans to ask Parliament to drag those dates out to 2022.

The guaranteed super scheme, which requires all employers to make contributions into workers’ superannuation accounts, was introduced in 1992.

In fact, we have the union movement to thank for the scheme, which is aimed at providing a reasonable retirement for ordinary Australians while taking pressure off the taxpayer-funded age pension scheme.

Superannuation improvements are expected to boost our national pool of super savings by more than $500 billion by 2037. Along the way they will provide substantial investment capital for much- needed private and public infrastructure.

So make sure you’ve received your July 1 increase. If you haven’t, check with your employer and if you’re still not happy, ring our Member Rights Centre on 1300 366 378.
Contact Details
FSU Member Rights Centre
Ph: 1300 366 378
fsuinfo@fsunion.org.au

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Armchair_Politician

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Re: The Super Gararantee Has Gone Up
Reply #1 - Aug 9^th, 2014 at 1:38pm

Quote:

Superannuation Guarantee has gone up to 9.5% - make sure your employer is paying at least this.
Friday, 8 August 2014
FSU Australia

Minimum employer superannuation contributions increased to 9.5% from 1 July this year.

All employers must now be paying into a complying superannuation fund an amount equal to at least 9.5% of your ordinary time earnings (capped at $197,720) for 2014/2015. Ordinary time earnings, (OTE), include salary, bonuses, shift and weekend loadings but not overtime pay. Where ordinary time earnings exceed the cap, the super contribution is limited to 9.5% of the cap. (i.e. $4695.85 per quarter or $18,783 per year)

The July 1 increase is meanwhile part of a scheduled program that will eventually take minimum contributions to 12% by 2019.

These increases were legislated by the former Labor government but the Abbott Liberal/National government has announced plans to ask Parliament to drag those dates out to 2022.

The guaranteed super scheme, which requires all employers to make contributions into workers’ superannuation accounts, was introduced in 1992.

In fact, we have the union movement to thank for the scheme, which is aimed at providing a reasonable retirement for ordinary Australians while taking pressure off the taxpayer-funded age pension scheme.

Superannuation improvements are expected to boost our national pool of super savings by more than $500 billion by 2037. Along the way they will provide substantial investment capital for much- needed private and public infrastructure.

So make sure you’ve received your July 1 increase. If you haven’t, check with your employer and if you’re still not happy, ring our Member Rights Centre on 1300 366 378.
Contact Details
FSU Member Rights Centre
Ph: 1300 366 378
fsuinfo@fsunion.org.au

If employers start laying people off because they can't afford this extra cost, well have the unions to thank for the rise in the jobless rate, right?

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philperth2010

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Perth
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Re: The Super Gararantee Has Gone Up
Reply #2 - Aug 9^th, 2014 at 1:48pm

Armchair_Politician wrote on Aug 9^th, 2014 at 1:38pm:

Quote:

Superannuation Guarantee has gone up to 9.5% - make sure your employer is paying at least this.
Friday, 8 August 2014
FSU Australia

Minimum employer superannuation contributions increased to 9.5% from 1 July this year.

All employers must now be paying into a complying superannuation fund an amount equal to at least 9.5% of your ordinary time earnings (capped at $197,720) for 2014/2015. Ordinary time earnings, (OTE), include salary, bonuses, shift and weekend loadings but not overtime pay. Where ordinary time earnings exceed the cap, the super contribution is limited to 9.5% of the cap. (i.e. $4695.85 per quarter or $18,783 per year)

The July 1 increase is meanwhile part of a scheduled program that will eventually take minimum contributions to 12% by 2019.

These increases were legislated by the former Labor government but the Abbott Liberal/National government has announced plans to ask Parliament to drag those dates out to 2022.

The guaranteed super scheme, which requires all employers to make contributions into workers’ superannuation accounts, was introduced in 1992.

In fact, we have the union movement to thank for the scheme, which is aimed at providing a reasonable retirement for ordinary Australians while taking pressure off the taxpayer-funded age pension scheme.

Superannuation improvements are expected to boost our national pool of super savings by more than $500 billion by 2037. Along the way they will provide substantial investment capital for much- needed private and public infrastructure.

So make sure you’ve received your July 1 increase. If you haven’t, check with your employer and if you’re still not happy, ring our Member Rights Centre on 1300 366 378.
Contact Details
FSU Member Rights Centre
Ph: 1300 366 378
fsuinfo@fsunion.org.au

If employers start laying people off because they can't afford this extra cost, well have the unions to thank for the rise in the jobless rate, right?

No.....the rise in superannuation was passed by Parliament and is now law that covers all workers not just union members.....Union members may well get more than 9.5% as part of their enterprise bargaining agreement which is between the company and unions.....This has nothing to do with union membership!!!

Roll Eyes

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Grappler Deep State Feller Gold Member Offline Australian Politics Posts: 85311 Always was always will be HOME Gender:	Re: The Super Gararantee Has Gone Up Reply #3 - Aug 9^th, 2014 at 3:09pm I'm pulling mine in a couple of weeks. Acapulco here I come! Ahh Bermuda .. the Bahamas.. Ja-maaaaica, mon, drink dat rum an' corca-corla...
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Grappler Deep State Feller

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Re: The Super Gararantee Has Gone Up
Reply #4 - Aug 9^th, 2014 at 3:11pm

philperth2010 wrote on Aug 9^th, 2014 at 1:48pm:

Armchair_Politician wrote on Aug 9^th, 2014 at 1:38pm:

Quote:

Superannuation Guarantee has gone up to 9.5% - make sure your employer is paying at least this.
Friday, 8 August 2014
FSU Australia

Minimum employer superannuation contributions increased to 9.5% from 1 July this year.

All employers must now be paying into a complying superannuation fund an amount equal to at least 9.5% of your ordinary time earnings (capped at $197,720) for 2014/2015. Ordinary time earnings, (OTE), include salary, bonuses, shift and weekend loadings but not overtime pay. Where ordinary time earnings exceed the cap, the super contribution is limited to 9.5% of the cap. (i.e. $4695.85 per quarter or $18,783 per year)

The July 1 increase is meanwhile part of a scheduled program that will eventually take minimum contributions to 12% by 2019.

These increases were legislated by the former Labor government but the Abbott Liberal/National government has announced plans to ask Parliament to drag those dates out to 2022.

The guaranteed super scheme, which requires all employers to make contributions into workers’ superannuation accounts, was introduced in 1992.

In fact, we have the union movement to thank for the scheme, which is aimed at providing a reasonable retirement for ordinary Australians while taking pressure off the taxpayer-funded age pension scheme.

Superannuation improvements are expected to boost our national pool of super savings by more than $500 billion by 2037. Along the way they will provide substantial investment capital for much- needed private and public infrastructure.

So make sure you’ve received your July 1 increase. If you haven’t, check with your employer and if you’re still not happy, ring our Member Rights Centre on 1300 366 378.
Contact Details
FSU Member Rights Centre
Ph: 1300 366 378
fsuinfo@fsunion.org.au

If employers start laying people off because they can't afford this extra cost, well have the unions to thank for the rise in the jobless rate, right?

No.....the rise in superannuation was passed by Parliament and is now law that covers all workers not just union members.....Union members may well get more than 9.5% as part of their enterprise bargaining agreement which is between the company and unions.....This has nothing to do with union membership!!!

Roll Eyes

Nah, Phil - super is a government idea.

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams

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Its time Gold Member Offline Boot libs out Posts: 25639 Gender:	Re: The Super Gararantee Has Gone Up Reply #5 - Aug 9^th, 2014 at 4:42pm Does the 4 year freeze still apply on any further increases now that the burden of a 1.5% levy is no longer on big business after the death of the PPL?
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adelcrow Gold Member Offline Australian Politics Posts: 20133 everywhere Gender:	Re: The Super Gararantee Has Gone Up Reply #6 - Aug 9^th, 2014 at 6:21pm Keating made sure by agreements with unions that superannuation was instead of pay rises. We should already be at 12% for super but like in Keatings years it should only happen in lieu of pay rises. This govt is cowardly and hopeless
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Its time

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Re: The Super Gararantee Has Gone Up
Reply #7 - Aug 9^th, 2014 at 7:19pm

adelcrow wrote on Aug 9^th, 2014 at 6:21pm:

Keating made sure by agreements with unions that superannuation was instead of pay rises.
We should already be at 12% for super but like in Keatings years it should only happen in lieu of pay rises.
This govt is cowardly and hopeless

As Keating said the baby boomers wouldn't be relying on pension payouts if It were at 12% some 22 years back, Keating set super up as an annuity income, in other words like a wage paged weekly.

Then we have Costello the so called economic messiah come to power and let you take the lot unless you have a million dollar balance or over before June 30th(Looking after the top end of town once again)

So let's get this right, take super as a lump sum, spend it, then line up for the pension.

Oh dear , now we have Tony wanting to freeze the LISC , evidently LNP haven't learnt much.

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hawil

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Re: The Super Gararantee Has Gone Up
Reply #8 - Aug 10^th, 2014 at 11:42am

Its time wrote on Aug 9^th, 2014 at 7:19pm:

adelcrow wrote on Aug 9^th, 2014 at 6:21pm:

Keating made sure by agreements with unions that superannuation was instead of pay rises.
We should already be at 12% for super but like in Keatings years it should only happen in lieu of pay rises.
This govt is cowardly and hopeless

As Keating said the baby boomers wouldn't be relying on pension payouts if It were at 12% some 22 years back, Keating set super up as an annuity income, in other words like a wage paged weekly.

Then we have Costello the so called economic messiah come to power and let you take the lot unless you have a million dollar balance or over before June 30th(Looking after the top end of town once again)

So let's get this right, take super as a lump sum, spend it, then line up for the pension.

Oh dear , now we have Tony wanting to freeze the LISC , evidently LNP haven't learnt much.

The super guarantee is only set up for the top 20% of earners, the other 80% will always rely on a part-pension and be punished by the means test of the age pension, while the rich self funded retirees enjoy tax concessions which are more than the age pension.
Most Union officials are in on the rort, by earning huge fees on boards of super funds.

The "Great Australian super fraud", accessible on Google says it all.

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