First day of work – the package is good

So today was my first day at my first job, spent mostly in `orientation’ sessions. I heard all about fire safety, patient safety, etc etc … and then the payroll lady turned up (is it bad that this was my personal highlight – maybe not after 8 years of being at university??).

The best news she had to share was about the great superannuation contribution arrangements offered by my (government) employer. Legislation in Australia forces all employers to contribute the equivalent of 9% of an employee’s income to their pension plan, with no compulsory `match’ required from the employee directly.

However, my employer has an arrangement where if the employee does contributes to the pension plan at the rate of 5% of their salary, the employer will increase its contribution to 12%! That means each year my pension plan will have ingoing contributions equivalent to 17% of my ordinary income and I don’t have to do a thing to arrange it!

So I think that ticks off one of my financial goals for the year already:

“Goal 7: Salary sacrifice $25/wk from my wage”

Of course, this will also affect my calculations about how much I should get in the hand each fortnight, but that’s OK too. 

In other exciting news, I am to be paid fortnightly, but pay week is next week. So I will get `half pay’ (one week) this coming pay period. We’ll have to wait another two weeks before our goals really start to get off the ground. Once I get that full pay slip, I can book in with the financial planner to get the most out of the other generous salary sacrifice arrangements that my employer has in place.

I have to admit, having started work (finally!) has led to finally feeling like we are going to get started on the goals we have had – but not acted on – for so long. I can’t wait for us to get financially sound.


  1. debtdieter said

    Great news about the Super bonus scheme, my work used to have that, but I got retrenched and when I went back it’s no longer available to new employees, so go after it with all you can!

  2. debtfretter said

    Hi DD – we certainly will. Thanx! 🙂

  3. Dolly Iris said

    HI! I’ve missed you, but it seems you were back to blogging awhile ago and I missed it. I checked out your goals for 2009 and I’ve got my cheerleader gear ready to go to cheer you on!

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