Superannuation
Workforce Management Glossary
Superannuation
What is superannuation?
Superannuation is essentially money that is set aside by your employer each pay cycle. This money is intended to accrue in order to support individuals financially during their retirement. In order for this money to grow superannuation funds may invest in different asset portfolios in order for individuals to get the best possible outcomes.
What is the role of businesses in their employee’s super contributions?
Employers have a key role to play when it comes to contributing to their employee’s superannuation funds. The amount paid into the superannuation fund each pay cycle is dependent on the super guarantee rate which over time gradually rises.
It’s also worth noting that while employers contribute to their employee’s super funds the employee has a choice in terms of which fund they choose. To pick the best fund for your needs and also your employment industry research is paramount.
How can employers make superannuation contributions efficiently and effectively?
Each pay cycle an employee has a chance to look at their payslip and confirm the amount of money being set aside in order to contribute to super. As such employers need to make sure that their data keeping is accurate.
With Roubler’s payroll software processes are automated and synchronised to ensure that everything from modern award compliance to superannuation contributions is being accounted for resulting in quick and accurately generated payslips that can be accessed via the app.