Retirement
Unpaid super hits Queensland hard
Queensland workers are losing more than a billion dollars a year due to unpaid superannuation, according to analysis by superannuation provider.
Unpaid super hits Queensland hard
Queensland workers are losing more than a billion dollars a year due to unpaid superannuation, according to analysis by superannuation provider.
New electorate analysis of ATO data by Industry Super Australia showed the average Queensland worker loses $1,994 a year.
According to Industry Super Australia chief executive Bernie Dean, the only way to stop Australians being ripped off with superannuation is by making it payable on payday.
An outdated law only requires super to be paid quarterly and not in line with pay cycles, making it easy for payments slip through the cracks.
Some dodgy bosses don’t pay super at all, despite what it says on payslips. Mandating super payment on payday would make it much harder for dodgy bosses to rip off workers.
“One in three Queensland workers have been ripped off by a dodgy boss and with enforcement sadly lacking, they do so without fear of punishment,” the CEO said.
The hardest hit areas were the federal electorates of Brisbane, Herbert and Dawson, each racking up over $40 million a year in unpaid super.
Occupations worst affected are machinery operators, tradies, construction workers and hospitality workers.
The superannuation providers body found low-income workers were the most vulnerable, with half of those under 30 who earn less than $30,000 having been the victim of a super rip-off.
The difference, according to ISA, could add over time, costing workers sometimes hundreds of thousands, which is the difference between a dignified retirement and scraping by, industry super states.
“Across the state, Queensland workers are losing thousands from having their super stolen, no area is immune. Unpaid super blasts a hole in workers’ savings, making a huge difference to their quality of life in retirement,” Mr Dean concluded.
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