The super guarantee (required employer super contribution) is set to rise from 9.5% to 10% and then gradually increase to 12% in the next 6 years. This will clearly increase the costs of employing staff across the board. This change is being implemented by the Government to make it easier for Australians to save for their future. The below table illustrates the gradual change:
| Financial year | SG rate |
|---|---|
| July 2014-June 2021 | 9.50% |
| 2021-22 | 10.00% |
| 2022-23 | 10.50% |
| 2023-24 | 11.00% |
| 2024-25 | 11.50% |
| From 1 July 2025 | 12.00% |