superannuation
Money paid by an employer on behalf of an employee into a superannuation fund to provide for the employee’s retirement. Also known as an employer contribution.
Superannuation is a retirement savings program in Australia where employers are required to contribute a percentage of an employee's earnings into a superannuation fund. This fund grows over the employee’s working life and provides income upon retirement. It's a way of saving for retirement ensuring financial security for employees in their post-working years.
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