Extend co-contribution regime – AIST
The Australian Institute of Superannuation Trustees (AIST) has called for the enhancement of the superannuation co-contribution regime for low-income earners.
Responding to an announcement by the Minister for Superannuation and Corporate Law, Senator Nick Sherry, that nearly 14 per cent more Australians had taken advantage of the co-contribution arrangements, the chief executive of the AIST, Fiona Reynolds, said the figures were encouraging but could be improved further. She said recent AIST research had shown that the main beneficiaries of the current scheme were older people with disposable income while the scheme had failed to benefit many young families and those on low incomes.
“More needs to be done to help boost the retirement savings of low income earners, who don’t have the spare cash to top up their super,” Reynolds said.
She said AIST wanted to see the co-contribution scheme enhanced in several ways, including raising the current eligibility income level to $75,000 and introducing a universal Government contribution for low income earners, irrespective of whether they made a voluntary contribution.
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