The superannuation is one of the retirement policies in Australia. It had a connection between the age pension and the voluntary personal saving, because these three pillars established an Australian retirement income system (Borowski 2009, p.364). This paper will focus on the superannuation policy. The content below will show the history and major changes of superannuation development.
The first occupational superannuation scheme began in 1860 in the public sector. At that time, only the most senior workers were able to participate in this superannuation (Patricia Harris 2001, p. 4). Most of the participating employees were permanent, high means and white-collar employees; however, blue-collar employees and most of the women were excluded. In addition, …show more content…
It considered a national superannuation with a ‘free-of-means-test’ to benefit people’s retirement (Kewlev 1973, p. 434; Borowski & Olsberg 2007, p. 193), because the government promoted that the national superannuation was a state-based protection for people who had higher means. In 1985, according to the 1985 Prices and Incomes Accord, the compulsory superannuation scheme called Productivity Award Scheme was established (Borowski & Olsberg 2007, p. 197). Employers should paid 3% superannuation contribution into employees’ account. However, employees and employers were confused with this scheme, because the contributions had to save into a registered industry fund, and various unions did not have it at that time (Batemen & Piggott 1996, p. …show more content…
In 1974, there were only 36% of male and 15% of female had superannuation (Nielson & Harris 2010), after that, the number increased to 81% of male and 74% of female in 2007 (ABS 2012). Moreover, in the 2011 Budget, the government indicated approximately 3.5 million low income employees could be benefited from the superannuation (Swan
The first occupational superannuation scheme began in 1860 in the public sector. At that time, only the most senior workers were able to participate in this superannuation (Patricia Harris 2001, p. 4). Most of the participating employees were permanent, high means and white-collar employees; however, blue-collar employees and most of the women were excluded. In addition, …show more content…
It considered a national superannuation with a ‘free-of-means-test’ to benefit people’s retirement (Kewlev 1973, p. 434; Borowski & Olsberg 2007, p. 193), because the government promoted that the national superannuation was a state-based protection for people who had higher means. In 1985, according to the 1985 Prices and Incomes Accord, the compulsory superannuation scheme called Productivity Award Scheme was established (Borowski & Olsberg 2007, p. 197). Employers should paid 3% superannuation contribution into employees’ account. However, employees and employers were confused with this scheme, because the contributions had to save into a registered industry fund, and various unions did not have it at that time (Batemen & Piggott 1996, p. …show more content…
In 1974, there were only 36% of male and 15% of female had superannuation (Nielson & Harris 2010), after that, the number increased to 81% of male and 74% of female in 2007 (ABS 2012). Moreover, in the 2011 Budget, the government indicated approximately 3.5 million low income employees could be benefited from the superannuation (Swan