Is your employer paying your super?
Up to a third of workers are not receiving their proper superannuation payments, according to a report just released.
Research by Industry Super Australia, which represents union-backed super funds, has found that employers are pocketing $3.6 billion per year through underpayment or non-payment of super, affecting the funds of 2.4 million workers.
Under current law, employers should be paying 9.5% in super to any worker over 18 earning more than $450 a week. But based on analysis of tax records, the report has estimated that, on average, workers are losing about $1500 a year through non-compliance.
The problem is worst in industries like hospitality, cleaning and construction where it hits younger workers in particular. It is also more common among smaller businesses.
But as recent examples have shown, even well established and resourced companies in the telecommunications sector can be involved in underpayment, even if it is more the result of mismanagement than deliberate evasion of the law.
CWU members should always keep an eye on their superannuation payments and report and problems to the union.
