The Government’s announcement of a new reporting regime to tackle the growing ‘modern slavery’ issue caused by Australia’s $5 billion unpaid super problem is receiving support from the Australian Institute of Superannuation (AIST).
Commenting on the Government focus on modern slavery, AIST senior policy manager David Haynes said the $5 billion worth of unpaid super within Australia needed policy attention and would stem the misconception that modern slavery was reserved for offshore factory and supply chain workers.
“We know that many domestic cases of worker exploitation go under the radar, robbing workers of a fair wage and their superannuation,” he said.
“Requiring large businesses to scrutinize their supply chains will send a message to all employers that workers need to be paid correctly and this includes 9.5 per cent of their wage in superannuation.”
Haynes said AIST continued to support an anti-slavery policy regime which included penalties for non-compliance and support for new migrants.
“Many employees – particularly newly arrived foreign workers – are unsure of their entitlements or are afraid to report employer non-compliance” he said.
“It’s not just costing these workers now but for years to come as they miss out on valuable compounding interest.”
Haynes also signaled the organisation’s support for the UK anti-slavery model which includes an anti-slavery commissioner.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Aware Super has outlined its systematic approach to corporate engagement as institutional investors increasingly assert their influence on company boards and take on an active stewardship role.
The country’s second-largest super fund has completed its fourth SFT this past financial year and welcomes almost 5,000 new members.
The corporate fund has announced it is seeking a suitable merger partner as the number of corporate super funds in Australia continues to dwindle.
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