Industry Super Australia has launched a new campaign against unpaid super, calling for super to be paid at the same time as salary and wages.
Industry Super Australia (ISA) says that workers might think their superannuation has been paid because it is shown on their payslip. But employers are only required to report the amount of super accrued.
There was previously a plan – under Labor – to make payslips show the amount of superannuation paid, not accrued. However this was axed by the Coalition.
Super Guarantee only needs to be paid quarterly, making it “easy for payments to fall through the cracks and for unscrupulous employers to deliberately hang on to the money to undercut their competitors,” said ISA.
Analysis by the industry group showed that one in three working Australians were the victim of underpaid super, “robbed” of a total of almost $6 billion a year.
“While most employers do the right thing, there is a small minority who exploit loopholes in the law and lax regulation to rip off hardworking Australians and rob them of their hard-earned super.”
“This is money that should be a in a worker’s account and could make a huge difference to their quality of life at retirement.”
Instead of changes to payslips, ISA is calling for Super Guarantee to be paid at the same time as salary and wages.
“The easiest fix is for the Federal Government to change the law and require all employers to pay super on pay day.”
“Federal politicians have their super paid at the same time as wages and it’s only right this same protection is extended to all Australians.”
As part of this campaign, ISA has launched a new ad:
“Making super payable on pay day for everyone will make cash flow easier for small business and protect the nest eggs Australians work so hard for – it’s a win-win,” said Industry Super Australia Acting Chief Executive Matthew Linden.