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Government uses budget to align PS
The Federal Government has used the Budget to begin the process of bringing the big Commonwealthsuperannuation schemes into line with those in the private sector.
The effect of the Budget changes are that after an initial consultation period, most Commonwealth public servants will be able to choose their own superannuation scheme and decide themselves whether or not to top-up their superannuation funds with personal contributions.
According to the Minister for Finance and Administration, , the changes will cost in the order of $160 million over four years.
He said the measures were intended to provide flexibility and encourage Commonwealth public servants to remain in the workforce longer.
AUTHOR
Mike Taylor
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