The days of retirement may not be the happiest or the securest. There are many reasons why the retirement days cannot be easy. For one, without a full time job there is lot of time to sit idle. There may be a shortage of money as there is no guarantee of a regular income. Besides old age brings with it physical and mental discrepancies. All this may be viewed positively if and only if there is a way of receiving regular income during retirement days. It may not be possible but the Australian superannuation scheme aims to do just that.
The superannuation is a way of securing the retirement days. In Australia it is a mandatory element wherein the employer will have to pay a certain amount of the employee`s salary towards the super fund. Aided by the government, the superannuation is surely something that any individual can trust. The Australian superannuation is run in the best interest of the salaried class and even the non working class may apply for the same.
Ever since it was first introduced the Australian superannuation scheme has garnered much fame. The contribution towards the super savings fund was raised to9% based on the employee`s ordinary time salary and income. The employers across Australia have been instructed to make mandatory contributions and pay the specified percentage of the salary on behalf of the employees. According to the norms of the fund, the 9% of the salary is not payable on the overtime rates. The amount is paid on the remuneration of bonuses, shift and casual loadings.
It is interesting to note that the superannuation scheme is accompanied by hundreds of other funds with different investment strategies. The various strategies have been mirror images of these managed funds with the major difference being in the type of tax treatment and innate the redemption rules. Therefore every investor ought to understand that Australian superannuation is a safe investment like any other safe deposit locked away for a stipulated time period. So get the benefits of the superannuation schemes as it is the wisest way to secure your retirement days.
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