Under Australian law, employees who earn more than 450 Australian dollars a month before tax are required to pay pensions, but employees under the age of 18 who work less than 30 hours a week, or employees who work for private bosses, are required to pay pensions for employees under 18 years of age and working less than 30 hours a week. Employers don't have to pay their pensions. Usually the employer pays an employee a pension of 9.5% of his or her salary, that is, an employee with an annual salary of one hundred thousand, and the employer pays $9,500 for the pension, and the amount you actually deposit in the pension account is 15% of the tax on that basis. So it's only $8075.
In Australia, we are free to choose a pension depository or a pension fund, and if employees do not make a choice, then the employer will make a decision.
The Australian pension is made up of three parts, goverment's age pension (goverment Old Age Fund, employer's compulsory super (Retirement Provident Fund) and individual voluntary contributions. Of these, age pension requires 10 years of residence and income and assets below a certain limit to be eligible for payment, while super and the voluntary contribution portion of the individual must be used after retirement. It is worth noting that the current minimum age for pensioners in Australia is rising in a planned manner.
Many people may worry about whether we can take our pension back to China if we want to go back to China at the time of retirement. The fact is, we can apply to bring the accumulated pension back to China.
To explore more information about studying abroad in Australia, welcome to follow the official account: Yu Xue Dou.