A government change requiring superannuation to be paid on payday could mean a young employee will be several thousand dollars better off by retirement.
The reform – which will not come in until July 1 2026 – will benefit the retirement incomes of millions of Australians, according to Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones.
They give the example of a 25-year-old median income earner presently receiving their super quarterly and their wages each fortnight, who could be about $6000 (or 1.5%) better off when they retire.
