Retirement
New bill to help fight unpaid super guarantees
A federal MP has introduced a private members' bill to Parliament which would give Aussie employees more power to chase unpaid superannuation contributions from their employers.
New bill to help fight unpaid super guarantees
A federal MP has introduced a private members' bill to Parliament which would give Aussie employees more power to chase unpaid superannuation contributions from their employers.
The Fair Work Amendment (Recovering Unpaid Superannuation) Bill, introduced by Rebekha Sharkie (the federal member for Mayo), aims to change the superannuation system through a number of means.
These include removing a loophole that allows employers to count voluntary contributions as employer contributions, making it easier for employees to track when their employer contributions are paid, making super contributions part of the National Employment Standards, and creating a duty for super fund trustees to inform employees of non-payment within 28 days of the payment not being made.
“There are at least 2.4 million workers in this country who have been underpaid their super, ripping out $3.6 billion from retirement savings,” Ms Sharkie said.
“If we don’t do something to make it easier for workers to find out that they haven’t been paid their full entitlements, and give them more power to stand up for their rights, that retirement rip-off is going to balloon out to $66 billion by 2024, according to Industry Super Australia.”
Industry Super Australia, the lobby group representing industry funds, issued a statement in support of the new bill, with the group’s public affairs director Matt Linden saying unpaid super should be a “top priority” for government.
“Every month that goes by without action is costing workers hundreds of millions in unpaid super,” he said.
“Unpaid super is the number one issue in superannuation today – it is leaving Australians short of savings at retirement and placing extra pressure on the age pension.”
Nestegg also consider on How to claim unpaid super.
Superannuation
2020’s top-performing super funds revealed
Australia’s top 10 performing growth superannuation funds for the 2020 calendar year have been revealed. ...Read more
Superannuation
SA’s $2bn superannuation drain puts 34k residence in zero territory
More than 34,000 South Australian residences have almost emptied their superannuation coffers, as members take advantage of the government’s early access to superannuation scheme, new research has s...Read more
Superannuation
How did your super fund perform in 2020?
Despite the COVID-19 pandemic, superannuation funds have delivered a positive return for members over the 2020 calendar year, new research has revealed. ...Read more
Superannuation
Senator slams super funds: ‘People are smarter than super funds think’
Senator Andrew Bragg has hit out at superannuation funds after they stood up in opposition to the government’s alleged plan to ask workers to choose between putting money in their super or having m...Read more
Superannuation
Why opt-in super proposal is a ‘secret tax’ on Aussie workers
A proposal to give workers the option to pick between a wage rise or a super contribution increase has been slammed by industry funds, branding it as “a secret tax” on workers. ...Read more
Superannuation
Early super access could be less than expected
Money accessed through the early release of super scheme looked to be coming in under the government’s revised expectations as the scheme drew to a close at the end of 2020. ...Read more
Superannuation
Proposed super reforms to rob millions of Australians
Australia’s largest union has rejected the government’s new super reforms on the basis it will leave members worse off long-term due to being “stapled” to a high-fee fund. ...Read more
Superannuation
ISA takes another shot at super reforms, accuses government of favouring big banks
Just a few days after hitting out at the government’s Your Future, Your Super scheme, ISA is at it again, signalling to the government that it may have a fight on its hands when it comes to this now...Read more
Superannuation
2020’s top-performing super funds revealed
Australia’s top 10 performing growth superannuation funds for the 2020 calendar year have been revealed. ...Read more
Superannuation
SA’s $2bn superannuation drain puts 34k residence in zero territory
More than 34,000 South Australian residences have almost emptied their superannuation coffers, as members take advantage of the government’s early access to superannuation scheme, new research has s...Read more
Superannuation
How did your super fund perform in 2020?
Despite the COVID-19 pandemic, superannuation funds have delivered a positive return for members over the 2020 calendar year, new research has revealed. ...Read more
Superannuation
Senator slams super funds: ‘People are smarter than super funds think’
Senator Andrew Bragg has hit out at superannuation funds after they stood up in opposition to the government’s alleged plan to ask workers to choose between putting money in their super or having m...Read more
Superannuation
Why opt-in super proposal is a ‘secret tax’ on Aussie workers
A proposal to give workers the option to pick between a wage rise or a super contribution increase has been slammed by industry funds, branding it as “a secret tax” on workers. ...Read more
Superannuation
Early super access could be less than expected
Money accessed through the early release of super scheme looked to be coming in under the government’s revised expectations as the scheme drew to a close at the end of 2020. ...Read more
Superannuation
Proposed super reforms to rob millions of Australians
Australia’s largest union has rejected the government’s new super reforms on the basis it will leave members worse off long-term due to being “stapled” to a high-fee fund. ...Read more
Superannuation
ISA takes another shot at super reforms, accuses government of favouring big banks
Just a few days after hitting out at the government’s Your Future, Your Super scheme, ISA is at it again, signalling to the government that it may have a fight on its hands when it comes to this now...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
