Is it just me or does the guy who wrote this article need to attend a primary school maths course?
www.news.com.au/finance/superannuation/unexpected-pay-rise-coming-your-way/news-story/1c6bc5c3c73cffbbb1cf7332688e2479
Haha... That's unbelievable!!!! Yes, literally you can't believe it. Good spot!
Regardless of the calculations being wrong by orders of magnitude there's also the 'minor' point that the increase in my super contribution is taken directly from my paid salary so I get no extra pay at all...(except for the tiny difference caused by the lower tax rate on super contributions, which I'll realise when I retire...if I make it).
Which bit doesn't add up? I'll admit I did not get out the calculator and check all the sums, but the overall amounts quoted seem right.....
Are you guys reading the scenario right? you know it is quoting the additional amounts gained by a 35yo over the course of their whole working life right??
Also in most cases the increase is an employer cost ie must be paid in addition to your base salary and will increase your package overall.
I know it mentions some will not having an overall package increase, but I have no idea what arrangement that might be - except for a full Contractor.....however most contracts either should have allowed for this when created or if they predate the legislation should be able to claim the additional.
Here's the important bit which makes it all logical.
"But while it is your money, the catch is that you cannot access it until retirement,
and for workers on a package, the amount will come out of their take-home pay. "
So the figures quoted are for your entire working life, not annual income.
Make sure you stay alive or you wont get it.
So it's all good Bob,.. 
Quote: Below, we took the average super balance for a 35 year old — $45,000 — and did some sums on the amount extra they can expect to end up with due to the increase from 9.25 to 9.5 per cent on retiring. It calculated in average fees, charges and assumes a retirement age of 70, and a balanced investment option.For example someone on $60,000 will benefit with an extra $8,036 when they retire
Actually pays to read the whole article before sprouting that it had errors on a forum
Glad I did't waste my time viewing this outrage of a posting!
Only two out of three people make retirement anyway!
So live a little folks.
Select to expand quoterussh said...
Quote: Below, we took the average super balance for a 35 year old — $45,000 — and did some sums on the amount extra they can expect to end up with due to the increase from 9.25 to 9.5 per cent on retiring. It calculated in average fees, charges and assumes a retirement age of 70, and a balanced investment option.For example someone on $60,000 will benefit with an extra $8,036 when they retire
Actually pays to read the whole article before sprouting that it had errors on a forum
Aha...that final paragraph got added to the article after the original post. I guess the Editor woke up...and the reporter then got fired - so no increase in his/her super contributions any more : )
I agree. I read it when you first posted it, and I think it has been changed.
I am sure, as you said, that it was not describing the overall benefit after a period of time.
Select to expand quoteCambodge said...
russh said...
Quote: Below, we took the average super balance for a 35 year old — $45,000 — and did some sums on the amount extra they can expect to end up with due to the increase from 9.25 to 9.5 per cent on retiring. It calculated in average fees, charges and assumes a retirement age of 70, and a balanced investment option.For example someone on $60,000 will benefit with an extra $8,036 when they retire
Actually pays to read the whole article before sprouting that it had errors on a forum
Aha...that final paragraph got added to the article after the original post. I guess the Editor woke up...and the reporter then got fired - so no increase in his/her super contributions any more : )
Fair enough - my apologies - it looks like they didn't even have the decency to add : EDIT
Yep it's been edited, yesterday it actually said per year. Good thing about online is you can sneakily change your article and leave no track of the change if you own the website. Shouldn't have really bothered to post this...just found it a little bit funny how their financial writer stuffed it up.
It's still wrong.
Super on 9.25% at $80,000 per annum equates to $7400 per annum, or $284.62 per fortnight.
Increasing super by another 25 basis points (0.25%) = 9.5%
Therefore ...
Super on 9.5% at $80,000 per annum equates to $7600 per annum, or $292.31 per fortnight.
That's a MASSIVE increase of just $7.70 per fortnight or $200!
YEAH REAL MASSIVE INCREASE.
Thanks Abbott.
Actually the sample figures at the end of the article are wrong too, because each salary bracket ends up with varying ages of retirement - from 66 to 75 years! LOL
I thought the retirement age to access super is going to be 70?
Select to expand quoteLoftywinds said...
It's still wrong.
Super on 9.25% at $80,000 per annum equates to $7400 per annum, or $284.62 per fortnight.
Increasing super by another 25 basis points (0.25%) = 9.5%
Therefore ...
Super on 9.5% at $80,000 per annum equates to $7600 per annum, or $292.31 per fortnight.
That's a MASSIVE increase of just $7.70 per fortnight or $200!
YEAH REAL MASSIVE INCREASE.
Thanks Abbott.
Actually the sample figures at the end of the article are wrong too, because each salary bracket ends up with varying ages of retirement - from 66 to 75 years! LOL
I thought the retirement age to access super is going to be 70?
I can't face doing the calculations (unless someone wants to pay me...Any takers? I'll do it for a brand new carbon Enigma boom...Anyone?)...but I would expect they've included the compounding effect that would make the figure larger than just what gets contributed.
Select to expand quoteCtngoodvibes said...
. Good thing about online is you can sneakily change your article and leave no track of the change if you own the website.
you don't even need to own the website. 
Select to expand quoteLoftywinds said...
That's a MASSIVE increase of just $7.70 per fortnight or $200!
YEAH REAL MASSIVE INCREASE.
Thanks Abbott.
Really? you are criticising pollies for an increase in benefits - however small? Some peoples views are interesting to say the least.
Maybe it's just automatic - criticise anything, good or bad just spread the hate....??
I would be interested to know if it makes a difference if you realised that it was actually Wayne Swan in 2010 that put this is place? Does that mean it is now good or still bad?
If still bad (or not enough) you do know the same increase happened last year and will keep increasing at various steps to 12% super guarantee in 2021/22?
Right - well......I stand corrected.....you keep floggin em.....
.....oh look, a bird....<exits>
Select to expand quoteParadox said...
Right - well......I stand corrected.....you keep floggin em.....
.....oh look, a bird....<exits>
While everyones at it . I may have to pass on the massive $7.70 increase to my customers. someones got to pay for it...
www.everlastpatios.com.au
