While more than half a million Australians took up the Federal Government’s Superannuation Co-contribution Scheme last financial year, many remain unaware of their eligibility or of the scheme’s recent increase in the top-up plan.

The Australian Tax Office will be contacting nearly 3 million eligible taxpayers in coming weeks to let them know of the retirement savings top-up scheme, which gives eligible employees $1.50 from the Government for every $1 contribution of their own.

Last financial year, the average top-up to savings was $530, but an increase since the last Federal Budget means low and middle income employees can now qualify for a booster co-contribution of up to $1500 from the Government.

Federal Treasurer Peter Costello says the current profile of people who have taken up the scheme has been “women who are approaching retirement, and women who are approaching retirement on lower incomes who haven’t put money aside throughout their working career but want that opportunity before they retire to increase their savings income”.