How do employer Super contributuions work?
In Australia, employers are required by law to pay a percentage of your salary into your super fund. This is caleld the Superannuation Gaurantee (SG). As of right now, the Super Gaurantee rate is 11.5% however it will be increasing in the near future. The gaurantee is paid directly by your employer into your nominated super fund account. These contributions are seperate from your take home pay and are designed to build retirement savings over your working life.
You can check your super contributions on your payslip or through your MyGov account linked to the ATO. Employers must make these payments at least quarterly, although many pay them each pay cycle. Recently, there has been call to make it mandatory on each pay cycle so employees do not lose potential gains. Regardless, over time these steady contributions become the foundation of your super balance, especially when combined with investment growth and compound returns.