You don’t have to work full-time to get real benefits from super. Many mums – juggling young children and work – are in part-time, or casual roles. But small contributions do add up.
Over time, the super contributions you receive from part-time work can make a big contribution to your overall savings for retirement.
First, figure out if you’re eligible for super contributions. Your employer must pay 9.5% of the value of your 'ordinary time earnings' (this includes shift loadings but not overtime payments) into your super fund if:
- you're over 18 and earn more than $450 before tax in a calendar month
- you're under 18 and you work more than 30 hours a week (and still earn more than $450 in the calendar month)
Visit ASIC’s Moneysmart website for more details on how this works.
Top tips for saving
The way you save as a casual employee may be a little different compared to when you work full-time, especially if you have more than one part-time job.
Here are three things you can do to help maximise your savings if you’re working part-time:
1. Consolidate your super
Consolidating your super into one account makes it easier to manage, and can cut down on additional fees
2. Supply your Tax File Number
Make sure your super fund has your TFN. Otherwise you might be paying 49% tax on your before-tax contributions, instead of just 15%
3. Review your insurance cover
Insurance is a benefit AustralianSuper provides as a part of having your super with them. It’s a good idea to calculate how much insurance you need. Then, if you want to adjust your cover, their Insurance in your super guide can show you how.
Choosing the right super fund – one that can help with your individual situation – can mean more money for you down the track. Find out more about AustralianSuper here – and how they can help you.