For the 2024-25 financial year, the NGS Super rate, which refers to the Super Guarantee (SG) rate employers are required to pay, is 11.5% of an employee's ordinary time earnings.
Understanding the Super Guarantee Rate with NGS Super
The Super Guarantee (SG) is a compulsory contribution that employers must pay into their employees' superannuation funds. For members with NGS Super, the applicable rate is aligned with the government-mandated Super Guarantee rate. This rate is critical for building your retirement savings.
Here's a quick overview of the rate:
| Financial Year | Super Guarantee Rate | Basis of Calculation |
|---|---|---|
| 2024-25 | 11.5% | Ordinary time earnings |
Key Details for Employers and Members
- Employer Obligation: Employers are legally required to contribute superannuation at this rate for eligible employees. This ensures employees' retirement savings grow consistently.
- Ordinary Time Earnings: This refers to the earnings an employee receives for their ordinary hours of work. It generally includes wages, salary, commissions, and some allowances, but excludes overtime payments.
- Importance of Super: Regular super contributions are vital for securing your financial future in retirement. Understanding the rate helps you monitor your contributions and plan effectively.
For more detailed information on super guarantee obligations and how they apply, you can refer to resources provided by NGS Super.
