As the Super Guarantee rate increases from 10.5 per cent to 11 per cent, about 8.8 million Australians will benefit from a boost to their nest egg.
From July 1 an extra $330 a year will flow into the super accounts of the typical Australian worker.
This year’s super boost may be small, but it will make a big difference to a worker’s nest egg – with a 30-year-old on the median wage expected to have an extra $18,300 at retirement due to the super rate lifting 0.5% on July 1.
The Super Guarantee rate is legislated to rise to 12% by 2025 by annual 0.5% increases.
Super Australia Chief Executive Bernie Dean said the increases will add up in time.
“Come July 1 the super guarantee will increase to 11%, another small step on its way up to 12% by 2025 that will make a huge difference when workers put their feet up at retirement.
“Even though the staged increases are small, they’ll add up to so much more in savings and that means a more secure future for millions of Australians,” he said.
The bipartisan commitment to 12% super, will deliver an extra $48,600 for the typical 30-year-old worker’s retirement balance.
The biggest benefactors of the July 1 are the young and those on lower incomes, as:
More than half of those benefiting from the increase are under 40 and more people in their 30s will get a super boost than any other age bracket.
60% of those benefiting from the increase earn less than $75,000 a year.
And 35
