Australian Superannuation

Australian superannuation is a retirement savings system where employers and employees contribute a portion of income into a dedicated fund. These contributions grow over time through investments, providing financial security after retirement. Typically, employers are required to contribute at least 10.5% of an employee’s Ordinary Time Earnings, with the option for voluntary additional contributions. The accumulated fund is accessible upon reaching preservation age, generally around 60, and helps ensure Australians have income once they stop working. Superannuation plays a vital role in Australia’s retirement planning, encouraging long-term savings and investment.