Tag: mandatory savings account
![Senior woman doing finances at home](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_6-1536x1024.jpg)
The brief’s key findings are: Australia’s retirement system has two key components: a means-tested government benefit and a mandatory savings account financed by employers. The government benefit provides a basic income, and about three quarters of retirees qualify. The savings accounts require employer contributions of 9 percent of pay for each worker, rising to 12…