Our superannuation system is one of our most important national assets, and the SDA has always fought to protect and improve the right to retire with dignity.
On July 1, the superannuation guarantee is increasing and super will now be paid on periods of paid parental leave.
Super Going Up
On July 1, the superannuation guarantee increases from 11.5% to 12%.
The SDA proudly campaigned for this increase, and it is a welcome lift to the retirement savings of millions of workers.
This payment is made on top of your wages or salary – your employer cannot deduct your super contributions from your take-home pay.
This means that more money will automatically go into your retirement savings.
Super on Paid Parental Leave
Thanks to campaigning by the SDA and the union movement, super will now be paid on government paid parental leave from 1 July 2025.
Australian women currently retire with significantly less superannuation than men.
This change will help to provide more financial security for many women at the end of their career.
How we’re fighting to improve our superannuation system
The current superannuation system is stopping many young workers from saving for the future.
Currently, workers who are under 18 only earn superannuation if they work 30 hours or more.
For too many young workers, this means they’re ineligible to earn super. If they do qualify, small super balances are often eroded by annual fees, leaving them no better off.
Superannuation payments add up over time and this is setting young workers back.
The SDA is calling on the Federal Labor Government to fix these laws and expand our superannuation system to all workers.
Pay Day Super
The SDA is advocating for superannuation to be paid on the same day as your pay.
Currently, there’s no requirement for employers to pay your superannuation on the same day as your pay, and it is generally paid quarterly.
As super payments are made by your employer and make up part of your pay on your pay slip – there’s no reason it should be treated differently.
Super being paid on pay day will make it easier to check your super and make sure it’s accurate.
The current system also means that workers are earning less interest on their super because it’s not paid as often.
Workers deserve every opportunity to grow their retirement savings.
The Federal Government has committed to these changes, but we’re calling on them to act on this and not delay the benefits of this any longer.