Superannuation – What Is It And Am I Eligible?

This post is presented in partnership with McDonald's.

Upon commencing your first job, you may become eligible for superannuation contributions to be paid to a fund on your behalf by your employer.

Superannuation helps you to plan for your retirement. Although it may seem very long away, superannuation laws are there to help you start planning so that you'll have enough funds to support you when you retire from the workforce later in life.

In many cases, when you first become eligible for superannuation your employer may assist you to establish a superannuation fund, but remember that you can nominate your preferred superannuation fund as well. It might be worth seeking your parent or guardian's opinion on this.

Superannuation is paid at a percentage of earnings from ordinary hours of work. Eligibility for young people can be summarised as follows:

Category of Employee Eligibility Criteria Full time employee All ages – 38 hours per week Superannuation is payable Part-time and Casual employees 18 years of age and above Superannuation payable when an employee earns at least $450 in any month Part-time and Casual employees Under 18 years of age Superannuation payable when an employee earns at least $450 in any month, and is only paid on wages earned in weeks where the employee has worked at least 30 or more hours per week

Article adapted, with thanks to McDonald's.