Superannuation

01 October 2002

Superannuation is an important part of your wages package. Superannuation provides a nest egg for you and your family on retirement, many employers might try to under-cut your legal entitlements, so its important that all workers know what their entitled to.

By law, your employer currently must pay 9% of your wage or salary into a superannuation fund or a retirement savings account. You may add to your superannuation fund on your own and, in certain circumstances, these contributions are exempt from tax.

All full-time and part-time employees must be paid superannuation. Most casuals are also entitled to Superannuation. Please note, however, that in some circumstances itinerant workers may not reach the threshold for compulsory Superannuation compensation. For more information contact your nearest AWU office.

Most awards and agreements specifiy what Superannuation Fund your employer must pay your super into. However under NSW law you can nominate a different fund for your super to be paid into.

The Australian Workers Union recomends the Australian Public Superannuation Fund (APS) which is administered by Chifley Financial Services.

If you have any more questions about Superannuation or if you need assistance from your Organiser contact your nearest AWU Office.