Are you one of the 2.4 million or almost one third of Australian workers who are not receiving their full super payment?
A recently released report by Industry Super Australia (ISA) and Cbus conservatively estimates that the problem of unpaid super was in 2013-2014, a staggering $3.6 billion per year. Using data sourced from the ATO and ABS, they calculated that this figure equates to $1,489 or almost four months of super for every effected worker.*
Unfortunately, every indication is that this problem is growing. It means that there is a lot of super money in this country that is not benefiting from the power of compounding growth, year after year.
Impacted Australians will end their working lives with lower account balances in their super than they should have. That is potentially a lot of money they won’t have to help them fund their retirements!
While the report shows that it is younger workers, low income earners and workers in the construction, hospitality and cleaning industries who are most likely to miss out on superannuation payments, every industry sector is impacted by this problem.
Check your super account at least once a year
The easiest way to find out if the deposits shown on your payslips match what was paid to your account is to:
- Check your most recent Super statement
- Call your super fund, or
- Set up an online logon to your super account, so that you can monitor payment received throughout the year.
What can I do if my super hasn’t been paid?
Call your super fund if you are not comfortable in speaking to your employer about any discrepancies.
Some industry super funds take a proactive approach, and actively follow up their members’ unpaid super by using the services of specialist superannuation collections agencies such as Industry Funds Credit Control (IFCC).
Share Your Story
If you are or have been a victim of Australia’s unpaid super problem, why not tell the government about your experience?
ISA are currently looking for people to share their stories. These will be passed on to the recently announced Senate Inquiry on unpaid super, where they are advocating for a fairer super system. Visit: stopunpaidsuper.com
*ISA/Cbus, Overdue: Time for Action on Unpaid Super Report, Released December 2016.
Industry Funds Credit Control (IFCC) is owned by Industry Fund Services Limited (IFS), ABN 54 007 016 195, AFSL 232514.