Employee Contribution Rate
Employees contribute 6% of their gross salaries and the employer contributes 8.4%, which is based on the employee gross salary and is paid by the employer from its own funds.
Members may if they wish, make additional voluntary contributions from 6% up to a maximum of 15% of their fortnightly gross salary to the Fund to maximize their superannuation savings with the Fund. The employer may also increase its portion from 8.4% to a maximum of 15% if it wishes to do so on behalf of its employees.
The new Superannuation (General Provisions) Act 2002 provides for both employee and employer contributions to be remitted to an Authorized Superannuation (ASF) on regular basis. Employer must remit their employer contributions within 14 days of the end of each month and employee contributions are required within 14 days of date of deduction.
Now employers have a choice of which Superannuation Fund they want to join and remit their contributions to.