Childcare Super aims to provide different Super options and aim to work for women. So let’s explore what they are all about and what they can offer
What is Childcare Super?
Childcare super is an Australian insurance company that runs multiple insurance programmes. The main aim of Childcare Super is to insure mostly women in Australia who are most times at a disadvantage to care for their health, health of their children and general wellbeing after retirement. At Childcare Super, they understand the fact that there is a considerably obvious percentage of women who find it hard to save for sustenance and healthcare after retirement, so they have come up with different personalized healthcare insurance schemes for them.
Childcare Super works with four main objectives to achieve and sustain this healthcare insurance program targeted at women in Australia. These objectives are:
- Helping women to understand, build and safeguard their superannuation
- Helping women to get bonuses and rewards for saving
- Helping women to close the gap
- Helping them to create a better future.
What is Superannuation?
You noticed that it was stated in the first Childcare Super objective that they help women to build, safeguard and understand their superannuation. If you are not a resident, citizen or someone that works or has once worked in Australia, you might not be familiar with the word, “superannuation.“ Childcare Super forms the base of their services on superannuation. What then is Superannuation? Superannuation is a government insurance program which is mandatory for all residents and income earners in Australia. With superannuation, employers are mandated to pay a certain percentage of money into the superannuation purse of their employees every month until they retire. This superannuation pay is different from the normal monthly wages and salaries.
Employees are also encouraged to allot some percentage of their income to their superannuation purse in order to consolidate the employee monthly superannuation percentage superannuation percentage is regulated and dictated by federal promulgation.
How much Super do employers have to pay?
The current superannuation percentage employers are mandated to pay their employees is 9.5% of the wages and salaries. This recent regulation came into being in July 2020. The superannuation percentage is set to be increased to a permanent 12% in July 2025, with small incremental increases beginning from July 2021. As at June 2020, Australians and residents have a combined AU$2.9 trillion.
If you want to check how much Super you should be getting paid, you can check here.
When can I access my Super?
You might have heard of experiences where employees dip into their insurance fund unnecessarily. With Superannuation, provision has been made by the Australian government to forestall such occurrences. It is mandated that no employee can have access to his or her superannuation funds except upon retirement from work, critical healthcare issues(a specialization of Childcare Super) and permanent disability. These conditions are all stated in the Superannuation Industry (Supervision) Regulations (1994). Other superannuation provisions like the provision to have access to the employee’s superannuation contribution barring the stated conditions among others are contained in this 1994 provision.
You can check the rules on when you can access and use your super on the ATO website here.
How does ChildCare Super work?
Having examined what the superannuation provision in Australia entails, how is Childcare Super involved with anything concerning Superannuation? In the early explanation about what superannuation is, it was stated that there are two parts to it, the mandatory employer percentage and the employees voluntary contributions towards consolidating his or her personal superannuation purse. It is in the part whereby employees consolidate their superannuation purse through voluntary donations that Childcare Super comes in. Childcare Super helps you with different patterns to contribute to your voluntary super purse (Superannuation is also known as Super). Mainly, they help you develop workable ways to start up and improve your super purse towards you insuring yourself from future hazards like healthcare issues and others. Childcare Super has 3 investment options in which you can make contributions. Childcare Super helps you by giving you weekly, monthly and quarterly options for your contributions. Now, for your superannuation contributions, Childcare Super has three investment options you can choose from depending on your age. They are Building Life stage (Under 25), Growing life stage(25 to 59) and Consolidating Life stage(60 and over). The risk level of the building plan is very high, that of the growing plan is high, while the consolidating plan ranges from medium to high.
These investment options are generally called My Super. The thing is that the My Super plans are the options that Childcare Super gives you if you do not have an investment option you wish to implement. The Life stage investment options by Childcare Super is designed based on age. Your age automatically determines the life stage investment option that is for you. Childcare Super manages these investments such that as you near your retirement age, the risks are reduced.
How would my money be invested in ChildCare Super?
For purposes of practicality, let us breakdown how your superannuation contributions would be invested.
When you register as a member of Childcare Super, you get placed based on your age if you do not provide them with a super investment plan of yours. If you are 23 years of age, you would be placed in the building stage. As you age, you would be automatically placed in the aligning investment bracket. The growing life stage of your super funds are invested with a view to giving you profitable returns in the long run when you would need them or better still, when you would retire. In this stage, your super is invested in highly profitable ventures. The last stage which is the consolidation plan reduces the risk and volatility of your super. Childcare Super are very efficient and professional enough to realize that in this stage, your Super has to be secured. So, investment risks are lowered, but also with a view to bringing in profits.
Childcare Super grows your super contributions mainly through investing in reliable stocks and shares. They have an expert board of investment bankers and analysts that determine and decide profitable and safe shares and stocks to invest in. They are very sure of giving you great returns on your Super contributions because they invest them very profitably and wisely too.
You can refer to the Childcare Super Investment Guide here.
Summary of ChildCare Super
The superannuation plans and strategies of Childcare Super are so top notch that they have been delivering quality and reliable super investment services to the residents in Australia for over 15 years. This is why you can trust them to deliver, and security is assured.