Definition
Superannuation (or 'super') is a compulsory system of placing a minimum percentage of income into a fund to support financial needs in retirement. It is a long-term investment that grows over time.
Under the super guarantee, employers have to pay super contributions of 11.5% of an employee's ordinary time earnings when an employee is:
- over 18 years, or
- under 18 years and works over 30 hours a week.
Related content
| Relation | Count |
|---|---|
| Data Elements implementing this Property | 2 |
| Data Element Concepts implementing this Property | 2 |