New rates give workers more cash
IPSWICH workers have secured a massive lift after an historic reform that saw the superannuation guarantee charge lifted to 12 per cent.
The rate was previously nine per cent. In an historic move the age limit for superannuation guarantee contributions was also abolished.
An average worker aged 40, will receive an extra $56,000 in retirement - a 15% increase in their retirement savings.
An average worker aged 30, will receive an extra $108,000 in retirement.
Federal Member for Blair Shayne Neumann played a significant role in the reforms and was singled out by assistant treasurer Bill Shorten for praise.
"We are living longer than ever before...so we must change our laws to move with the new rhythms of life," Mr Neumann said. The changes start on July 1, 2013.