Retirement
Rest welcomes progress on ‘Payday Super’ reform
Rest, one of Australia’s largest profit-to-member superannuation funds, has welcomed the Australian Government’s release of draft ‘Payday Super’ legislation, which aims to align Superannuation Guarantee payments with employer payroll cycles.
Rest welcomes progress on ‘Payday Super’ reform
Rest, one of Australia’s largest profit-to-member superannuation funds, has welcomed the Australian Government’s release of draft ‘Payday Super’ legislation, which aims to align Superannuation Guarantee payments with employer payroll cycles.
Rest Chief Strategy Officer Tyrone O’Neill said the proposed reforms would enhance fairness and equity in the superannuation system, benefiting millions of Australians.
“The Payday Super reforms are set to give Rest’s two million members and all Australians greater opportunity to achieve their best-possible retirement, and we commend the Australian Government for progressing this important change towards a fairer super system,” he said.
O’Neill highlighted the potential benefits for members, particularly younger and casual workers.
“Rest represents more than two million members, including around half under 30 and many who are working in part-time and casual roles and may retire with lower balances,” he said.
“A significant proportion of our members have their Superannuation Guarantee payments either paid monthly or less frequently, often out of sync with their take-home pay. More frequent contributions will unlock the power of compounding returns, leading to better long-term outcomes for members.”
O’Neill also noted that increased payment frequency would improve transparency.
“Payday Super will also make it easier for members to track their superannuation contributions, which is particularly important for casual workers whose hours can vary from week to week,” he said.
Rest said it looked forward to working with the government and industry stakeholders to finalise the legislation.
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