Wages & Super Up from July 1
A pay rise and higher Employer superannuation contributions are among further union benefits to many in the State government workforce due to take effect from tomorrow - Tuesday, July 1. The further 1. 5% pay increase falls due for members under many of our Agreements including our Victorian Public Service Workplace Determination, Parliament, State Library, Museum, National Gallery, ACMI, Film Victoria, VicSES, PTV, and Growth Areas and will be paid in the coming pay period. This increase is on top of your progression payments. The new pay rise is another welcome addition to our take home pay and a reminder of our union advantage. Happy Pay Day.
The Employer superannuation contribution will increase from 9.25% to 9.5% and is not absorbed under our Agreements. The former Labor Government's Super Guarantee (Administration) Amendment Bill provided for the SG to increase to 12% by 2019. In this year's federal Budget however, Treasurer Joe Hockey announced that the planned July 1 increase to 9.5% would proceed, with the guarantee to be frozen at that level until 2018. Workers aged over 50 can invest an extra $10,000 into their super and receive a tax deduction for it as the concessional contributions cap will increase from $25,000 to $35,000 from July 1 also. This higher cap already applied to workers over 60. Employer super payments apply to workers aged over 70.
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