As previously advised, from 1 July 2022, the percentage for Superannuation Guarantee payments will increase from 10% to 10.5%. This is part of the Federal Budget plan last year which aims to increase the rate by 0.5% each year until it reaches 12% in 2025.
What does this mean for me?
It is Hudson’s position that all of our Temps and Contractors will receive the superannuation increase to 10.5% without their take-home pay being impacted, in line with the Australian government’s intent for the legislation. As such, our Temps and Contractors will receive an increase in their super contributions from 1 July 2022.
- For PAYG Temps the increase will reflect on the superannuation calculated on your payslips.
- For Independent Contractors, you will see an increase in your hourly or daily pay rate effective from 27 June 2022 (pay period 27th June to 3rd July is the first timesheet that will be paid after 1 July) to align with the rate of super that you will be required to contribute. Please note: that a rate increase is dependent on client requirements which may not be possible in some cases. Or alternatively, you may have had a new pay rate negotiated to accommodate this change.
You will receive an amended Variation to Contract COA, with new terms regarding Superannuation
You may have already received or will receive in the coming days, an amended Variation to Contract (COA), reflecting the change in terms regarding superannuation.
There are no other changes to your COA Terms and Conditions, or to your role. The only change to the COA is regarding superannuation
Do I need to do anything?
There is no action required on your end for this to take effect.
You can email us at firstname.lastname@example.org if you have any questions