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Australia's superannuation is more like the US 401k but with a Government mandated minimum contribution level. Individuals are free to pick their own fund prov
by arkem 8y ago
Australia's superannuation is more like the US 401k but with a Government mandated minimum contribution level.
Individuals are free to pick their own fund providers or even create their own superannuation funds (with some caveats).
- hnzix 8y agoAlso the govt encourages additional voluntary contributions by allowing a certain amount to be salary sacrificed (paid directly without tax) into super. This is purely for the pension; unemployment benefits are completely separate. You cannot access your super funds until you reach retirement age or become critically ill.
- eru 8y agoOr leave the country, if you are not a 'strayan. But then you pay back taxes on it.