Hello everyone,
I need some help understanding my employment contract regarding remuneration and superannuation contributions. My contract states:
"You will be paid at the rate of $XX per hour plus statutory super contributions. (This equates to an annual salary of $YYYYY plus super). The employer will also make superannuation payments on your behalf in accordance with the Superannuation Guarantee Act 1992."
Does this mean my superannuation contributions should be subtracted from my hourly rate to calculate my net rate (after tax)?
Here's what I understand:
- I will receive the hourly rate or annual salary as stated in the contract (minus tax).
- My employer will pay the superannuation contributions in addition to my stated annual salary.
However, my payslip shows my hourly rate, from which superannuation at 11.5% and tax are subtracted. This reduces my net rate, but the contract mentions you will be paid at the rate of $XX per hour plus statutory super contributions (not including?)?
Am I interpreting this correctly, or is there a different way I should be understanding my net pay in relation to superannuation?
Any insights or explanations would be greatly appreciated! Thank you!
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