Super Guarantee rises to 11.5%
01 July 2024
5
min read
The rate of compulsory super that your employer pays you increased to 11.5% from 1 July 2024.
The Superannuation Guarantee (SG) is the minimum amount that an employer must pay into your super fund if you are an eligible employee.
SG is paid on ordinary time earnings (OTE). Your OTE salary is generally what you earn for your ordinary hours of work, including commissions, shift loadings and allowances, but not overtime payments.
Under the current legislated timetable, the SG will continue to rise incrementally by 0.5% each financial year to 12% by 1 July 2025.
Superannuation guarantee increases
|
Date
|
SG Rate
|
|
1 July 2021
|
10.0%
|
|
1 July 2022
|
10.5%
|
|
1 July 2023
|
11.0%
|
|
1 July 2024
|
11.5%
|
|
1 July 2025
|
12.0%
|
What difference could the SG rise make to your retirement?
We have a range of calculators to help you plan for your retirement. Try our Super Projection Calculator to check how much super you're on track to end up with, what sort of income you can expect in retirement, and how long your super might last.