Superannuation Guarantee
Superannuation is a specified mandatory amount of an employees wages that employers must contribute to their nominated retirement account(s). It is a way of easing the burden off state pensions and was introduced in Australia in 1992 and sits at 9.5%.
This mod adds 2 new policies, both in the Tax section:
Superannuation Guarantee – This is the actual ‘Super’ policy, over time it drastically increases private pensions and decreases the cost of state pensions, as less and less people are required to go on state pensions. It angers capitalists who don’t like that employers have to pay for employees retirements and socialists like it because it is a way of distributing money from the profits of large companies to workers.
Private Pension Tax – In Australia this is called Super Tax and is set at 30% and is a tax levied on the capital gains and profits of private pensions. This makes up a significant amount of the revenue generated by the federal government as all retirement account assets in Australia total $2.9T making Australia the world’s 4th largest holder of retirement assets.
If you have any suggestions about adjusting the effects, please comment below. Also, yes, if it wasn’t obvious, I am an Aussie.
