Superannuation is a retirement savings program that helps to provide an income (e.g. pension) for retirees. Throughout an employee's working life, contributions are made to their eligible superannuation account(s) and this money is invested.
When the person permanently retires, or meets a condition such as their 'preservation age', they can be paid the sum of contributions, plus earnings, less taxes and fees. The Superannuation Guarantee (SG) is one part of the retirement income system in Australia.
As an employer, you must make superannuation contributions for each of your eligible employees.
Learn more about employer superannuation responsibilities.