Industry wants 15% super in 7 years

The superannuation industry says that most people are not saving enough to fund their retirement and have called on the government to force 15 per cent of salaries into super by 2015. The chief executive of the Association of Superannuation Funds of Australia, Pauline Vamos, said that the government is aware of the need to increase contribution levels and that the industry would continue to lobby to move to 15 per cent quickly and efficiently. According to Ms Vamos, only around 10 per cent of retires had a “comfortable” lifestyle while most received not much more than the aged pension of $537 per fortnight for a single person and $449 each for a couple. The Labor Party's policy is to increase contributions from 9 per cent to 15 per cent but does not have a specific timetable to achieve this.

Source: The Australian Financial Review