Who’ll benefit from this year’s super changes?
By
Sarah Kendell
01 July 2021
As a host of reforms hit the super space for the 2021-22 financial year, government and industry players have been quick to highlight their benefits and flaws.
As of 1 July the super guarantee rises to 10 per cent of workers’ base salary, with industry fund advocacy group Industry Super Australia touting its benefits for younger employees in particular.
“In total Australians will get an extra $1.5 billion paid in super in the next 12 months,” the group said.
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“Half of the extra super payments – about $784 million will go to those under 40 – and more people in their 20s will get a super boost than any other age bracket. The extra contributions will help young workers recoup the savings they lost after they were encouraged to raid their super to support themselves through the coronavirus downturn.”