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au_106
Australia and its People › Society
What is Superannuation in Australia?
- A government pension paid to all Australians over 65
- A voluntary savings scheme for high-income earners
- A compulsory retirement savings system where employers must make contributions on behalf of employees
Why this is the correct answer
Superannuation was made compulsory in 1992 to ensure workers build retirement savings over their working lives. Employers must pay a percentage of an employee's wages into a super fund, and those savings grow over time through investment returns.