Millions of Australians are about to get a boost to their super, but most are unaware the cash is headed for their nest egg.
The increase in the superannuation guarantee rate now requires employers to contribute 12% to their employees’ superannuation funds, up from the previous 11.5% as of today.
It will see an extra $317 in retirement fund contributions paid to the average Australian worker over the next financial year.
The 0.5 per cent increase means an average 30-year-old worker will retire with an additional $22,000 in their nest egg.
Super will now also be paid on Commonwealth Parental Leave Pay for the first time ever, benefitting millions of families across the country.
It means women on paid maternity leave will continue to get super contributions.
This increase is expected to reduce the gender superannuation gap by 25%, addressing the current gap of approximately $50,000 for Australians approaching retirement.
Super Members Council CEO Misha Schubert said most Australians are unaware of the boost they’re about to receive.
“These changes, including the rise in the super guarantee and the introduction of paid super on parental leave, are crucial steps to enhance retirement savings for millions of Australians, particularly benefiting women and young people,” Schubert stated.
“The fact so many Australians are still unaware of these changes shows much more work needs to be done to make super front of mind for Australians of all ages, who could be missing out on more money in retirement simply because they haven’t checked in on their super for a while.”
Australians are being urged to learn more about their super to maximise their nest egg’s potential. 
