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Govt must go further on unpaid super
The Federal Government has not gone far enough in beefing up unpaid superannuation laws, according to Industry Super Australia (ISA).
The industry funds organisation responded to the Government’s announcement of new legislation by claiming that while it is welcome, it misses a key opportunity to align compulsory superannuation payments with regulator wage cycles.
ISA public affairs director, Matt Linden said that while the Government’s legislative moves to enhance Australian Taxation Office (ATO) enforcement powers and utilise Single Touch Payroll were welcome, the changes needed to go much further.
“In not aligning compulsory superannuation payments with regular wage cycles, these laws fall seriously short of protecting worker interests,” he said. “A four-month delay from when a super entitlement appears on a payslip to when an employer has to pay it to an employees’ fund is at odds with our digital world.”
Linden said it was also time for the Government to reconsider the $450 per month super guarantee threshold.
“In the gig economy with increased casual work, the meagre threshold at which employees become eligible for super has reached its use-by-date,” he said.
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The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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