Superannuation
Australia's compulsory retirement savings system, funded mainly by employer contributions into a dedicated fund.
Superannuation ("super") is Australia's retirement savings system — employers are required to pay a set percentage of an employee's ordinary earnings into a super fund, on top of salary, where it's invested and generally can't be accessed until retirement age. Employees can also make additional voluntary contributions, often at a favorable tax rate compared to regular income.
Worked Example
On a $90,000 salary, the compulsory Superannuation Guarantee contribution is calculated as a percentage of ordinary earnings and paid into a super fund by the employer — money the employee never sees in their take-home pay, but that's legally theirs for retirement.
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