The Australian government, like governments in comparable countries, is
moving away from the notion that retired people should live on
taxpayer-funded pensions. Requiring all working Australians to have
their own retirement savings plan places the responsibility on the
individual rather than the community as a whole. Employers are required
to pay 9% of the eligible employee’s salary into a complying super fund,
such as EquitySuper fund and its products, EquitySuper Investment
Engine and EquitySuper Super Focus.
source: http://www.eqt.com.au/superannuation/personal-super/frequently-asked-questions.aspx#1
source: http://www.eqt.com.au/superannuation/personal-super/frequently-asked-questions.aspx#1
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