Since 1992, Australia has had compulsory superannuation (AKA "super"), which is somewhat comparable to a 401(k) in the United States. Currently employers in Australia have to pay 9 percent of worker’s wages (this is not taken from your wages, this is on top of your wages) into a nominated super fund. Soon this amount will rise to 9.25 percent and over the next seven years head on up to 12 percent. There are some exceptions to this compulsory payment—if the employee is under 18 years old, over 70 years old, or earning less than $450.00 per month.
The Australian education system and me.