About a third of Australian workers are being ripped off by rogue employers who are holding back some or all of their superannuation entitlements, according to a report out today.
Research by Industry Super Australia has found employers dodging superannuation payments are pocketing $3.6 billion per year from 2.4 million workers.
Under the mandatory Superannuation Guarantee, employers are required to contribute the current minimum 9.5 per cent into the super funds of any worker aged 18 and over earning $450 a month.
But using Australian Tax Office (ATO) and Australian Bureau of Statistics (ABS) data, the study suggests the average worker was short-changed a conservative $1,489, or four months of super, in 2013-14.
TWU MEMBERS ARE URGED TO CHECK THEIR SUPERANNUATION PAYMENTS – ONE THESE FIGURES TODAY A THIRD OF ALL WORKERS ARE BEING UNDERPAID.IF YOU BELIEVE THERE TO BE AN ISSUE WITH YOUR PAYMENTS – CONTACT THE TWU ON 1300 727 614
“It’s disturbing that nearly a third of workers eligible for the super guarantee are being short-changed,” Mr Whiteley said.
“As pension access tightens and home ownership declines, those missing out on compulsory super stand little chance of a decent standard of living in retirement.”
Key points:
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Study suggests average worker short-changed $1,489 of super in 2013-2014
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Nearly a third of workers eligible for super guarantee being short-changed: Industry Super Australia CEO
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Small to medium-sized businesses least likely to pay appropriate superannuation, report says