Employer
How much your employer contributes to ESI Super on your behalf
will depend on your category of membership.
Defined Contribution
If you joined ESI Super:
- Through an ESI Super employer - Your employer
is required by law to make contributions on your behalf which are
generally preserved in the superannuation system until you retire.
Your employer generally contributes 9% of your Ordinary Time
Earnings (OTE) as required by legislation (this is called the
Superannuation Guarantee). Some employers will pay more than 9% if
you make personal contributions. If you leave your ESI Super
employer (and remain a member) you can arrange for your new
employer to make their compulsory Superannuation Guarantee
contributions into your ESI Super account. To arrange this you need
to complete the Standard Choice Form nominating ESI Super as your
preferred fund.
- By direct application - You can arrange for
your employer to make their compulsory Superannuation Guarantee
contributions into your ESI Super account. To arrange this you need
to complete the Standard Choice Form nominating ESI Super as your
preferred fund.
Defined Benefit
Your employer makes superannuation contributions, determined by
ESI Super's actuary, at a rate that will ensure your benefits are
fully funded. Please note: The Defined Benefit
membership category is closed to new members.
Salary Sacrifice
Contributions made by Salary Sacrifice is an arrangement between
you and your employer whereby you agree with your employer to
forego a percentage or a dollar amount of your before tax earnings
in exchange for your employer making super contributions of the
same value on your behalf. For many, Salary Sacrifice contributions
can be a tax effective contribution option. Salary Sacrificing for
the purposes of superannuation is deemed to be an employer
contributions.
Contributions tax
Your employer's contributions are taxed at 15% and are fully tax
deductible for your employer.