Superannuation Guarantee
Changes to the Superannuation Guarantee
The Superannuation Guarantee (SG) is a compulsory system of superannuation support for Australian employees, paid for by employers.
Up to 1 July 2013, UNSW has been required under the Superannuation Guarantee Act to pay 9% of the ordinary time earnings of employees including part-time and casual, into a complying superannuation fund or retirement savings account.
In the 2010 Federal Budget, the Treasurer announced that the minimum SG contribution will increase from 9% to 12%, phasing in from 1 July 2013 as detailed below:
|
Year commencing
|
Minimum SG contribution
|
|
1 July 2014
|
9.50%
|
|
1 July 2018
|
10%
|
|
1 July 2019
|
10.50%
|
|
1 July 2020
|
11%
|
|
1 July 2021
|
11.50%
|
|
1 July 2022
|
12%
|
What does this mean for UNSW employees?
Employer superannuation contributions for UNSW employees (including continuing, fixed term and casual) who currently receive 9% of ordinary time earnings will increase to 9.25% of ordinary time earnings commencing 1 July 2013, with further increases over the next six years as detailed above.
UNSW employees who currently receive employer superannuation contributions equal to 17% of ordinary time earnings are not affected by this change.
We are currently making the necessary adjustments to our HR systems in order to implement these changes.
For further information, please refer to the following Australian Government website Super Your money Your future
Please direct specific questions to your Faculty/Divisional Human Resources Team