More than 6.7 million Australian workers will see a boost to their retirement savings from today as the superannuation guarantee increases from 9.5% to 10%, set to progressively rise to 12% by July 2025.
It means an extra two hundred and thirty three dollars per year for the average worker with low to middle-income earners, younger workers and women set to be the biggest winners.
Chief Executive of Industry Super Australia, Bernie Dean, says the value of today's increase is set to accumulate over the coming years, leading to better retirement outcomes.