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Jeff Bezos and Lauren Sánchez officially tie the knot

Jeff Bezos and Lauren Sánchez officially tie the knot

Sky News AU4 hours ago

Jeff Bezos and Lauren Sánchez have officially wed after a week of celebrations.
Sánchez confirmed the couple's marriage via social media after updating her profile.
The newlyweds tied the knot on the island of San Giorgio Maggiore in Venice, Italy, with a 200-person star-studded guest list.

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Sting in the tail for some workers in super boost
Sting in the tail for some workers in super boost

News.com.au

time28 minutes ago

  • News.com.au

Sting in the tail for some workers in super boost

Workers are being urged to check with their pay packets to ensure an increase to the super guarantee doesn't result in their pay being docked. As the final increase to Australia's super guarantee comes into effect, employers will be required to devote a record 12 per cent of workers' salaries into their super for the first time. For most workers on an award agreement, it's happy days, with employers forced to tip in extra super without any reduction in their take-home pay. But there's a sting in the tail for a minority of workers who are on a total remuneration package including super, because it could mean less take-home pay. In fact, for up to 40 per cent of Australians who have an individual pay arrangement with their employer that pays superannuation as part of their salary package, the 0.5 per cent could result in a reduction in take-home pay. CPA Australia's Superannuation Lead, Richard Webb said while the super guarantee was positive for a majority of workers, some would cop a pay cut from July 1. 'If your employment contract includes a total remuneration package including super, this could mean less take-home pay at the end of the month,' he said. 'However, for those on award or enterprise agreements, your pay agreement is more likely to be a salary, which means the change will not affect your take-home pay. 'It's a good idea to check with your employer to see how they view the changes and what it means for you. Otherwise, you might get a shock if your take-home pay is a little less than expected.' Nearly 30 years after the Hawke-Keating Government introduced superannuation starting at just 1 per cent, around 14 million workers are set to secure the new boost. New Treasury analysis shows that millions of Australians will be better off at retirement as a direct result as the super guarantee lifts from 11.5 to 12 per cent. 'These reforms will make a meaningful difference for millions of Australians who work hard on low and award wages, and Australians working towards a well-deserved, dignified retirement,'' Treasurer Jim Chalmers said. 'Under Labor, inflation is down substantially, real wages are up, unemployment is low, our economy is growing, debt is down and interest rates are falling, but we know people are still under pressure. 'All the progress we have made together means we are well placed and well prepared at a time of global economic uncertainty and volatility. 'Since we've come to government, we've increased the superannuation guarantee four times, and this means an extra $98,000 at retirement for a 30 year old earning the average full-time income.' For example, a worker at age 30 earning the average full-time income (around $103,000) will have an extra $21,000 at retirement as a result of this 0.5 percentage point increase alone. However, Treasurer Jim Chalmers said taking into account all of the Albanese Government's increases to the Superannuation guarantee (from 10 per cent to 12 per cent), this worker will have an extra $98,000 at retirement.

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