Superannuation (or "super" as it is more commonly known) is the term used in Australia to deal with pension funds, or "401s". Like all such schemes, it is a form of compulsory saving.
Employers are also required to make Superannuation contributions to all employees, whether they are temporary or permanent. The minimum Superannuation contribution to be made by an employer is currently 9% of the employees gross salary, but many doctors are entitled to 12.5%, and some positions even more. This is a powerful way to progress your retirement income.
If you are coming to Australia on a Temporary Working Visa, upon leaving Australia you are usually eligible to retrieve these funds depending on the class of Visa. |