Australian workers are just weeks away from receiving an automatic boost to their retirement savings. The superannuation guarantee rate will increase from 11.5 to 12 per cent from July 1, leaving the average Aussie thousands of dollars better off.

Employers will be required to pay the new 12 per cent rate to their employees from next month. This is the final scheduled increase since the rate began incrementally increasing in 2021.

New analysis from Super Members Council found nearly 10 million Australians would benefit from the boost, with an extra $317 in super contributions paid to the average worker next financial year.

RELATED

• ATO superannuation warning as deadline for $30,000 deduction fast approaches

• ATO, Centrelink, superannuation: All the money changes coming from July 1

• FIFO worker on $250,000 reveals how Aussies can get into mining industry

A typical 30-year-old will retire with $22,000 more in their super from the 0.5 per cent increase.

When taken together with previous increases from 9 per cent, it would add up to an extra $132,000 in super savings by retirement.

Separate ASFA research found that a 30-year-old with a super balance of $30,000 earning the median wage would accumulate $610,000 in super thanks to the change.

This would be above the current $595,000 required for a single person to fund a “comfortable retirement.

Super Members Council CEO Misha Schubert said super rate increases were key to giving Australians the life in retirement they deserved and meant more freedom, choices and opportunities.

Do you have a story to share? Contact tamika.seeto@yahooinc.com

“This boost to retirement savings will help fund the things that matter most – more help with paying the bills, spending time and making memories with the family, trips away and financial security,” she said.

ASFA CEO Mary Delahunty said it marked a “major milestone in Australia’s retirement system”.

“With the super guarantee increase to 12 per cent, we are seeing super fulfil its objective of providing a dignified retirement for ordinary Australians, with today’s 30–year-olds reaping the rewards of decades of progress in our world-class super system,” she said.

More than half of the people who will benefit from the increase are under 40 years old, with those in the 30s receiving the biggest retirement boost.

Nearly a third of people getting the increase earn less than $50,000 per year, while around 70 per cent earn less than $100,000 a year.

Australians receiving paid parental leave from the government will also receive superannuation payments from next month.