By political reporter Jake Evans and business reporter Nassim Khadem
Posted Tuesday 2nd May 2023
Millions of Australian workers are set to retire with thousands more in their superannuation accounts after changes from the federal government requiring all businesses to pay their employees' superannuation on payday.
From July 1, 2026, employers will need to pay super on payday, rather than quarterly, making it easier for workers to track when their super is not being paid.
The change also reduces the risk of unpaid superannuation debts when a company collapses into bankruptcy.
Treasurer Jim Chalmers said the more frequent super payments would increase retirement incomes.
"It's just common sense to pay it with wages," Mr Chalmers said.
"It's a simple change, it will strengthen the system and it will boost retirement incomes — and the main reason for that is that it will make it less likely that people will miss out on the super they have earned and that they are entitled to."
In a joint statement, Mr Chalmers and Assistant Treasurer Stephen Jones said that under the changes a 25-year-old earning average wages would be $6,000 better off when they retired because more frequent payments allowed more time for investment earnings to compound.…


