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Government should pay part of super to help small businesses
Chris Pearce, the Shadow Minister for Financial Services, Superannuation and Corporate Law, has suggested paying out a portion of the superannuation guarantee obligations on behalf of small business employers to help them with their cash flow. The proposal would run for a period of two years.
Pearce said the measure would protect 3.8 million jobs.
“Our proposal would mean that the Commonwealth would contribute a substantial portion of the superannuation guarantee payments that employers are required to make on a quarterly basis,” Pearce said.
The proposal would maintain and contribute to the Coalition’s long-term policy of fostering growth in super and enhance the adequacy of super accounts, Pearce said.
The proposal was likely to save jobs and sustain the level of super contributed to retirement, according to industry sources, the release said.
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