From July 1, the Super Guarantee will rise from 11.5% to 12% and super will be paid on Commonwealth Parental Leave Pay for the first time, benefitting millions of Australians, but new research shows most Australians still aren't aware of the changes.
A new survey of more than 1000 Australians finds just 1 in 5 people are aware of the changes to Paid Parental leave and only half are aware of the Super Guarantee rate rise.
Analysis by the Super Members Council (SMC) shows that paying super on the Commonwealth parental leave scheme will benefit around 200,000 Australian mothers each year.
It will narrow the gender super gap by around a quarter, which is currently about $50,000 for Australians nearing retirement.
The Super Guarantee rate rise from 11.5% to 12% will mean an extra $317 in super contributions paid to the average Australian worker next financial year, according to research by the Council.
The 0.5 percentage point increase alone could see a typical 30-year-old retire with $22,000 more in super. The increase in the Super Guarantee rate from 9% to 12% over the past decade is tipped to add up to $132,000 in super savings for the average worker by retirement.
