In Australia, superannuation, or just super, is the term for retirement pension benefit funds. Employers make compulsory contributions into these funds on behalf of their employees.
Superannuation is compulsory for all employed people working and residing in Australia. The total balance of a person’s superannuation is then used to provide an income stream upon reaching retirement. Federal law dictates minimum amounts that employers must contribute to the super accounts of their employees, on top of standard wages or salaries.