The average Australian will be $108,000 better off when they retire, under laws introduced to parliament today that boost the superannuation guarantee to 12%, Unions NSW Secretary Mark Lennon said.
Unions have campaigned for the boost to retirement savings and have welcomed today's introduction of the legislation.
"Boosting the superannuation guarantee from nine to 12 per cent will make a massive difference to working Australians by significantly improving the quality of their retirement savings," Mr Lennon said.
"Without this increase, three quarters of Australians would rely on the Age Pension in some form to boost their retirement income. With an ageing population, that's a real concern.
"These reforms are crucial and the Government deserves to be congratulated for their introduction."
Mr Lennon said broader economic benefits would flow from increasing the superannuation guarantee.
"Let's not forget that superannuation provides an ever expanding pool of national savings for the Australian economy," Mr Lennon said.
"Those savings provided an important ballast for the Australia during the global financial crisis and will continue to improve the nation's economic foundations in the decades to come."
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