Super members encouraged to boost super before co-contribution changes
As the deadline for the Government’s current co-contribution rate looms, REST Superannuation is urging eligible members to inject a voluntary contribution into their super before changes take effect.
The co-contribution, which is geared towards low-income earners, will drop from a maximum rate of 150 per cent to 100 per cent on July 1, 2009. REST said last year that the Government contributed an additional $74 million to REST members’ super accounts, a figure REST would like to see rise with further voluntary contributions.
REST chief executive Damian Hill said the co-contribution was particularly good for part-time and casual workers, adding that 70 per cent of REST’s members are below the age of 30.
“Co-contribution is particularly suited to the majority of REST members who work in the retail sector and for members returning to the workforce either on a casual or part-time basis,” Hill said.
To be eligible for the benefit, members must earn less than $60,342 this financial year and meet various other criteria.
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