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Mercer warns of unintended consequences
Mike Taylor
The Federal Government may have miscalculated with its changes to superannuation arrangements for temporary residents, according to Mercer.
Mercer head of retirement Tim Jenkins claims the proposed changes will force employers and superannuation funds to treat permanent and temporary residents differently – something that will add significantly to administrative costs and challenges.
“Employers already have to cope with a heavy compliance burden in relation to the Superannuation Guarantee and Choice of Fund in addition to employment contracts, industrial awards, etcetera,” he said. “These proposed changes will weigh employers down even further with more red tape.”
Jenkins said the proposed changes were also expected to make it harder for Australian employers to recruit skilled workers from overseas at a time when many Australian businesses are struggling to find the skilled workforce they need to sustain – let alone grow – business.
“On the one hand, the Government has said that overseas workers have to be part of Australian businesses’ solution to the skills shortage, but on the other hand, they are making it harder for employers to recruit these people,” he said.
29 May 2008
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