You would be angry if you weren’t paid your wages on time – so why wouldn’t you be upset over your missing superannuation?
Right now 1 in 3 Australian workers who are eligible to receive super payments are missing out on what they’re entitled to with a total cost of almost $6 billion per year and growing.
Despite this massive cost, many workers are unaware of just how big this issue is, and how it can affect their retirement.
Here’s some quick facts based on Industry Super Australia (ISA) research for 2016-17:
- 45% of labourers, machinery operators and drivers have collectively missed out on more than $820 million making it into their super account.
- Over $16 million is ripped from the retirement savings of working Australians every single day that this problem goes unfixed.
- The problem is growing, and its growing fast. Over 2.98 million Australian workers, up 220,000 from two years prior, are affected by unpaid super.
While super contributions may appear on your pay slip, this doesn’t always mean that it has been paid into your super account. Employers are only required to pay super quarterly, making it easier for amounts to fall through the cracks and allowing some employers to take advantage of these outdated laws.
There’s an easy solution, but most politicians don’t want to know about it.
ISA are calling on politicians to enact legislation that aligns super payments with wage payments, an easy fix for a problem that could seriously affect your retirement. And it’s not just ISA – over 70% of Australian workers agree that we need legislation to fix this.
You can learn more about unpaid super problem by visiting the Industry Super Australia website.