superannuation
Superannuation is a pension scheme in Australia. It has a compulsory element whereby employees are required by law to pay a proportion of an employee’s salaries and wages into a superannuation fund, which can be accessed when the employee retires or “transitions to retirement”.
- full-time, part-time or casual employee between 18 and 70 years of age, your employer is required to make superannuation contributions on your behalf for any month in which you are paid $450 (before tax) or more.
- If you are under 18, you must be working more than 30 hours a week to be eligible to receive superannuation contributions from your employer under the Superannuation Guarantee.
- If you are covered by an award or workplace agreement, you may be eligible to receive superannuation contributions from your employer on all of your earnings even if you are under 18, working part-time and earning less than $450 per calendar month