Commbank promises update on SG underpayments
The Commonwealth Bank has undertaken to provide both the Senate Economics Committee and the Finance Sector Union (FSU) with an update of the remediation and review process it put in place to address the underpayment of the superannuation to some of its staff.
The big banking group used an answer to a question on notice from the chairman of the committee, Queensland Labor Party Senator, Chris Ketter.
The review and remediation process was put in place by the bank after complaints from the FSU that it had not been appropriately paying the superannuation guarantee to part-time workers working additional hours.
The banking group said it would provide both the committee and the union with an update on the progress of the review and remediation, including total payments in relation to reimbursement of superannuation for unpaid additional hours for part time workers.
It said this would occur when the bank had completed its internal review, currently targeted for end of June.
Recommended for you
Australia’s largest super fund, AustralianSuper, has announced multiple additions to its executive leadership team to focus on global growth and innovation.
Super Review rounds up last month’s biggest people moves in the superannuation industry, including a new fund chair and a private markets head.
Investment returns for the Future Fund hit a milestone in September, adding $200 billion in value for the first time ever.
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
