From 1 July 2022, there were two important super changes that affected organisations and working Australians.
To help you make informed decisions and remain a competitive place to work within your industry, we asked organisations across Australia what they were doing, and collated the findings.
Following last year’s SG increase, 81% of participating organisations said they funded the amount of super paid by the organisation by the full 0.5%
For employees currently receiving the SG minimum, 87% of participating organisations will fund the amount full 0.5% into super on top of the current salary
For employees currently receiving above the SG minimum, 32% of participating organisations will fund the amount of super paid by the organisation
The rise in the minimum superannuation guarantee (SG) adds extra costs for organisations, individuals or both, depending on how the organisation decides to fund it. Beyond the monetary impact, how organisations manage the superannuation guarantee (SG) increase could impact employee engagement and retention at an uncertain and volatile time for the economy.
How organisations approach the superannuation guarantee (SG) increase has never been more critical. Not just for 1 July this year, but towards 2025.
Get in touch with us today to find out how Mercer can help your organisation plan for the next superannuation guarantee increase.