Someoneasked me on another forum who pays the increase in super to 12%. The answer of course is the employer as part of your employee package.
Wonderful thing super. It has extended a mandated savings and earnings system to hundreds of thousands of workers that otherwise could have had next to nothing on retirement. The comparison with investing in gold/silver etc imo is really superfluous because superannuants if they wish could still invest in those items if they wished ,as instruments within their super funds.
The massive benefit of super is the fact that because its mandated its pretty well universal in the Australian workforce and attracts tax benefits that can only be described as fantastic- very generous indeed.
For example if I had say $500k at time I converted to an allocated pension I pay no tax on either the pension I take out and also no tax on the funds future earnings-ever. The fund at this point could hypothetically grow to millions and no tax would ever apply.
A wonderful thing is super provided they dont water it down too much and preferably not at all.
