Superannuation (Productivity Benefit) Declaration No. 14 1992 No. 462
EXPLANATORY STATEMENT
STATUTORY RULES 1992 No. 462
SUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
DECLARATION UNDER SECTION 3D
VARIATION OF TABLE
The Superannuation (Productivity Benefit) Act 1988 (the Act) provides the mechanism by which productivity superannuation is made available to Australian Government employees who have no other employer-sponsored superannuation coverage.
The designated employers of such employees are required to pay to either the superannuation fund nominated by the Minister for Finance or another superannuation fund approved by the Minister periodic contributions based on the salary of the employee. The amount to be contributed is calculated using a Table set out in a Schedule to the Act.
The Table has been amended so that the superannuation benefits provided under the Act comply with the minimum requirements specified by the Superannuation Guarantee Charge (SGC) legislation. The only employees covered by the Act who do not receive a flat rate superannuation contribution equivalent to 5 per cent of salaries are those for whom that amount would represent a reduction, and those on salaries in excess of $80,000 per annum who receive a contribution equivalent to 5 per cent of $80,000 as required by the SGC legislation.
The Declaration commences on 1 January 1993.