POWERED BY MOMENTUM MEDIA
Union argues CSS rights for Telstra workers
The Community and Public Sector Union has written to Telstra insisting that its members be allowed to remain within the Commonwealth Superannuation Scheme (CSS), even after the big telecommunications carrier is fully privatised.
The union wrote to Telstra chief financial officer John Stanhope expressing disappointment at Telstra’s position.
The union claimed in its letter that around 1,755 Telstra employees would “face significant disadvantage” arising out the company’s refusal to act in its employees’ interest.
The union maintains that correspondence between Telstra and the Department of Finance dated August, 2005, suggests that Telstra is in a unique position in relation to its employees’ ongoing membership of the CSS, and on that basis it should act to ensure they can remain members of the fund.
The union has called for an urgent meeting with Telstra management to discuss the issue.
AUTHOR
Mike Taylor
Recommended for you
A major class action against AMP will commence in the Federal Court today (27 May), with more than 2 million super members alleging the firm’s trustees overcharged fees over a 12-year period.
Support for the $3 million super tax is strong across the industry, but with the possible July 2025 start date nearing, focus is turning to a key flaw – the lack of indexation.
With consolidation and M&A redefining Australia’s superannuation landscape, a new KPMG paper has highlighted strategic planning and adaptability as integral to funds’ success.
With less than two months until APRA’s new prudential standard comes into effect, ASFA and EY have released guidance to assist superannuation trustees.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
91.29 3 y p.a(%)
2
L1 Capital International
69.55 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
4
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
35.77 3 y p.a(%)
5
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
