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ASFA calls for public feedback on gig economy
The gig economy will continue to challenge the effectiveness of the superannuation system, and stakeholders should be continuing having their say on issues raised relating to new policy development, according to the Association of Superannuation Funds of Australia (ASFA).
ASFA has called for stakeholders to contribute their views to its discussion paper on new policy developments around superannuation before Friday 28 September.
The discussion paper canvasses offers for the adjustment of current settings, and current includes the extension of the coverage of the superannuation guarantee (SG) to independent contractors, as well as the removal of the $450-a-month wage threshold for payment of SGs.
“For affected workers and in the absence of any policy reforms, a growing gig economy would mean lower superannuation balances at retirement,” ASFA said.
“This would reduce the broader adequacy of the superannuation and retirement income system.
“Low-paid, low-skilled workers in particular may be disadvantaged with their involvement in the gig economy, driven by necessity rather than choice or convenience.”
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