Superannuation is a savings account in Australia that is created to help you save for your retirement.
You are entitled to a minimum of 11.5% super on top of your wages. This must be paid by your employer into your super fund.
You can also make additional voluntary contributions, and may be eligible for government contributions to match them.
Super funds look after your Super.
Their job is to generate returns on investments that will help to grow your balance over time.
They also have to give some workers insurance to help you make it to retirement, and they also offer information and advice about super.
Then at your retirement, you can access your savings.
REST is the superannuation fund for working in retail.
Today every Australian worker has the right to superannuation.
But this right would not exist without the campaigns won by union members in the 1970s and 1980s.
Currently if you’re under 18, you must be working more than 30 hours per week to receive Super.
We think this is an unfair, outdated practice that should be changed.
The SDA believes that Super should be paid on every dollar, no matter how old you are.
Young SDA members visited Parliament House earlier this year to explain to Members of Parliament why younger workers shouldn’t miss out.
If you’re earning a wage, you should be earning super too.
Many young people work regularly for several years before they turn 18 and what they miss out on during those years can really add up.
The average of $855 in Super that workers aged under 18 each missed out on, would grow to $10,200 by the time they’re 67-years-old. (According to a report from Industry Super Australia)
