AUSTRALIA | Following changes to superannuation payments, COTA said more Australians will find it easier to retire under the new laws.
Having superannuation paid at the same time as wages will help ensure more Australians can have a dignified retirement, COTA Australia said.
From the 1st of July 2026, employers are now legally required to pay their employees’ superannuation at the same time as their salary and wages.
Chief Executive of COTA Australia, the leading advocacy organisation for older people, Patricia Sparrow, said the simple change will make a significant difference to people’s retirement, especially women and people working in lower-paid, insecure work.
“Paying super on payday is important as every missed or delayed super payment compounds over time, and that can make a big difference to the income people have available to them in retirement,” she said.
“This is a simple yet important change that means people will finally get their super when they earn it, not months later.”
Sparrow added that finally closing this loophole will make a big difference over a lifetime of working. Of course, this won’t solve all the problems people face when it comes to retirement income, but it’s a common-sense change that will help current and future generations of workers to retire with more income available to them.
“As Australians live longer and healthier we need to ensure the retirement phase of superannuation is set up to better support older Australians. This change helps do that.”
Sparrow said the change is an important reminder for people to regularly check their superannuation is being paid properly.
“It’s important for people to remember to check their super in coming weeks to ensure their super is being paid on time, in full, every time. Every dollar paid on time today can make a big difference at retirement.”
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