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The introduction of the Superannuation Guarantee contribution in 2013 will boost Australia s position further.
Access to Superannuation Before Australia's current superannuation system was introduced under the Superannuation Guarantee Charge Act 1992 (SGC Act), there had been considerable debate about the introduction of a national superannuation scheme with, potentially, universal coverage.
There is also an online calculator so you can estimate your retirement income with a 12 per cent Superannuation Guarantee.
3) Under the 1992 Superannuation Guarantee (SG) Charge Act all employers not already doing so were required, as of 1 July, to pay a minimum of 3 per cent of the employee's salary into a superannuation fund.
Since the 1980s, Australia has started a Superannuation Guarantee program with contributions set at 9 percent of earnings, far larger than the 1.
In particular the Superannuation Guarantee (SG) was introduced in 1992 and gradually increased to 9% in July 2002.
For example, the authors state that the Superannuation Guarantee individual account program "had significant lower overhead costs than the British personal pensions because its larger contributions were mainly collected and managed through employers .
All Australian employers make a compulsory Superannuation Guarantee (SG) Levy payment to their workers' superannuation funds.