In line with existing legislation, the Superannuation Guarantee will reach 12 percent on 1 July 2025, going through annual 0.5 percent increases each year on 1 July.
The Superannuation contribution rate is now 11 percent as of 1 July 2023.
Other Changes – Student Visa Employees
Apart from the increase in the Superannuation rate, the Australian government is also re-introducing limits on the number of hours student visa holders will be able to work. From 1 July 2023, people of student visas will be limited to working 48 hours per fortnight during study terms and semesters.
One caveat to this is for student visa holders already working in the aged care sector on 9 May 2023. These people can continue to work unrestricted hours up until 31 December 2023.
Why were these changes made?
The limits to student visa hours were temporarily relaxed throughout the pandemic and then removed in early 2022. However, they are now being reinstated to ensure student visa holders can focus on their studies, yet still take up paid employment and gain valuable work experience.
What do I need to do?
Employers who are employing anyone on a student visa must now ensure that they abide by the 48-hour fortnightly limit and ensure they have accurate details on their course and semester timetable.
If you are concerned about these changes and how your business will adapt to them, get in contact with ER Strategies by giving us a call 1300 55 66 37, or clicking here.
If you have any questions regarding these changes, or if you are unsure of what to do, we encourage you to call ER Strategies on 1300 55 66 37.