AIST defends keeping super on payslips
Superannuation should continue to be compulsorily included on employee pay slips, according to the Australian Institute of Superannuation Trustees (AIST).
The AIST has responded to a Treasury paper proposing the removal of the requirement to argue that superannuation represents a significant and integral component of an employee's total remuneration and therefore justification inclusion in pay slips.
Commenting on the issue, AIST chief executive, Tom Garcia said super was workers' money and including it on payslips should be no different than including details of take-home pay.
Further, he said he believed inclusion of such information was important part of the transparency of compulsory super system.
Garcia said that including superannuation contributions on payslips empowered workers to ask questions of their employers and hold them accountable to legal requirements.
He cited recent research showing there were still a significant number of employers who were not meeting their superannuation guarantee and claimed that a payslip was an important tool to keep employers honest and remind employees of their entitlements.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
