KNOW YOUR RIGHTS: Superannuation
Superannuation allows our members to plan for the future and ensure they enjoy a comfortable retirement.
Occupational Superannuation: “One of the greatest achievements of the SDA”.
Employer funded occupational superannuation (currently at 9.5%) is a relatively recent phenomena in Australia. In the 1970’s, employers offered superannuation to their management whilst workers had to provide for their own. In the late 1970’s/early 1980’s the SDA and the wider trade union movement ran a very successful campaign on this important issue. In 1984 the SDA made an important breakthrough and 3% occupational superannuation was introduced into retail and fast food awards.
Over a 10 year period, the federal government legislated to increase the superannuation guarantee levy (SGL) to 9.5%. Today, superannuation has become a key component of SDA members’ retirement plans.
Occupational Superannuation eligibility
Employees are entitled to 9.5% employer funded occupational superannuation if they meet either of the following criteria:
Employees aged 18 year or over and earning $450 (before tax) or more in ordinary time earnings in any month; or In the case of an employee aged below 18 years, works at least 30 hours per week.
Increasing from 9.5% to 12%
Over recent years, the trade union movement including the SDA has lobbied the federal governments to increase the SGL to 12%.
At time of writing the current federal government has passed legislation that will see gradual increases over the coming years. By 1 July, 2025 employer contributions will reach 12% of ordinary time earnings.
Lost Billions: find your share!
The Australian Tax Office estimates that millions of Australians have lost track of their super, totalling a billions of dollars! Does any of it belong to you? It’s easy enough to lose touch with super if you change jobs and don’t get around to rolling over balances as you go. And if you lose track of your super, it eventually goes to the Government.
The SDA believes no one should ever give up on the super they’ve earned, which is why we want to help our members to find their lost super. You can locate your lost super through the Australian Taxation Office. Go direct to the following ATO site for assistance: http://www.ato.gov.au/calculators-and-tools/superseeker/
You can download a copy of this flyer here: Superannuation