Superannuation (super) is a mandatory retirement savings system in Australia where employers contribute a percentage of an employee's earnings into a super fund.
This system ensures financial security after retirement. As of recent updates, the Superannuation Guarantee (SG) rate is set by law at 11.5%, meaning employers must pay at least this percentage on employees' earnings.
Super funds can be chosen by employees, and these contributions can only be accessed upon retirement or in specific circumstances like severe illness.
