Labor’s plan for changes to the Superannuation Guarantee Legislation

The Labor party has announced that if elected, it will introduce some changes to the Superannuation Guarantee Legislation.

The proposed changes include phasing out the $450 monthly threshold eligibility for Superannuation Guarantee Contributions (SGC) and introducing SGC payments on the government paid parental leave.

The proposed changes are an effort to increase the amount of superannuation that women have when they reach retirement. Currently women retire with an average 47% less superannuation then men, due largely to taking time off, or working part-time while caring for children.

Several superannuation bodies, have thrown their support behind the proposed changes.

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