Govt moves on SG hike
The Federal Government has forged ahead with plans to increase the Super Guarantee in one month’s time, releasing a statement advising it is updating the More Super website.
The updates will recalibrate the super calculator to the new SG level and allow Australians to accurately assess how much better off they will be under an increased SG, it said.
The Gillard Government has committed to gradually increasing the SG from 9 per cent to 12 per cent from 1 July 2013 to 1 July 2019, which it has estimated will lift the super balances of 8.4 million workers.
More than 50,000 additional workers will begin to receive SG contributions from 1 July 2013, due to reforms to the system which gave workers aged 70 and over access to the SG.
At the same time, the Government hit out at the Coalition, accusing Opposition leader Tony Abbott of wanting to “cut super to the bone”.
“Labor is the party of super - we created it and we’re the only political party interested in growing the retirement savings of hard-working Australians,” it said.
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