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Australia has a similar system called Super. On top of base pay, every Australian employer has to contribute another 11.5% of a person's salary into an employe
by kelseydh 1y ago
Australia has a similar system called Super. On top of base pay, every Australian employer has to contribute another 11.5% of a person's salary into an employee-controlled Super investment fund that the employee can only touch upon retirement or severe illness.
It's a great system.
- robocat 1y agoNew Zealand copied it, except employee has to pay 3% (now just increased to 4%) and employer matches. What happens with contractors in Oz? I know a nurse over there on high hourly rate, and I'm guessing part of the reason is to avoid employer contributions. Is there a strong push for contractors throughout the Oz economy (not just government)?
- bigfatkitten 1y agoMost contractors “work” for a payroll firm that manages this for them, which is usually the recruiting firm that put them into the role. For tax and superannuation purposes, they are PAYG employees in non-ongoing positions.