The Australian government has announced that it intends to legislate for an increase in the compulsory superannuation guarantee rate which will be increased gradually over ten years. The initial increments, commencing on the 1st July 2013, will be 0.25 percentage points and from the 1st July 2014 increments of 0.5% percentage points every year until 2019-20.
The overall affect being to increase the rate of superannuation to 12% of an employee’s earnings by 2019/20.
