Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (PRODUCTIVITY BENEFIT) DECLARATION NO. 6 1991 NO. 123

STATUTORY RULES 1991 No. 123

SUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988

ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE

DECLARATION UNDER SECTION 3D

VARIATION TO TABLE

The Superannuation (Productivity Benefit) Act 1988 (the Act) provides the mechanism by which a 3 per cent superannuation benefit is made available to Australian Government employees without other superannuation coverage.

The designated employers of such employees are required to pay to either the superannuation fund nominated by the Minister for Finance or another fund approved by the Minister, periodic contributions based on the salary of the employee. The amount to be contributed is calculated using a Table set out in a Schedule to the Act. The Table is structured so that a proportionally greater benefit is provided to lower paid wage earners. The amount to be contributed is adjusted where the employee is not employed full-time.

Section 3D of the Act permits the Minister for Finance to vary the amounts set out in the Table. The variations to the Table set out in the declaration allow for increases in Australian Public Service remuneration since the Table set out in the Act was first devised and maintain the bias in favour of lower paid employees.

The declaration commences on 1 July 1991.