Compulsory Superannuation to increase to 10.5%

You may not be aware, but from 1 July 2022, the rate of compulsory superannuation increases from 10.0% to 10.5%.

If your staff are employed on a package basis where their specified total remuneration comprises their base salary and superannuation, then you will be facing an important decision come 1 July 2022.

Do you follow their employment contract and reduce their base salary and increase their compulsory superannuation?

Or do you leave their base salary as it is, and increase their superannuation, effectively giving them a pay rise? The cost to your business for someone on a $100,000 total remuneration package to do this, is less than $500 pa.

In the current staffing market, the businesses I am talking to, are taking the latter option and just increasing the super.

What will you do?

If you want some help, contact me below.

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