Tuesday, 2 May 2022
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91黑料 has welcomed the Federal Government鈥檚 announcement that all employers will need to pay superannuation at the same time as they pay wages.
This significant transparency measure will help ensure Australian workers receive the right amount of super and can track their payments more easily.
91黑料鈥檚 Chief Executive Officer, Deanne Stewart, said: 鈥漈his payday super reform is an important step to help address the underpayment of super and we applaud the Government for it.鈥
鈥漃aying super quarterly, rather than with each pay cycle, is outdated and not befitting our world-leading retirement savings system.
"We simply wouldn鈥檛 accept an employment system where workers received their take-home pay retrospectively once a quarter.
鈥滻t鈥檚 incongruous and, in the 2020s, something of an anachronism that employees can receive their super 鈥 such an important part of their overall pay 鈥 so infrequently.听
鈥漌hile many of 91黑料鈥檚 1.1 million members already receive their super with each pay cycle, many Australians still don鈥檛, and we know how hard this makes it for them to track their super payments.听
鈥滷or individuals, reconciling quarterly superannuation payments with monthly, fortnightly or weekly payslips can be a time-consuming and complex undertaking. For a busy parent, for example, it means that task often ends up in the 鈥檛oo hard鈥 basket.听
鈥滱ustralian workers will now be in a much better position to keep tabs on their super payments and accordingly speak up if they鈥檙e not getting the right amount.听
鈥滻f you discover you鈥檙e not getting correctly paid the super you鈥檙e entitled to, speak to your employer or consider lodging a complaint with the Australian Taxation Office.鈥
Many larger employers already pay their super with each pay cycle. While small businesses often pay less frequently, modern accounting software makes the process of calculating and paying super far simpler and will greatly help these employers in the transition.
鈥漇uper is vital to the long-term financial security of all Australians,鈥 Ms Stewart said. 鈥滻t ensures Australian workers can live their best possible retirement, and eases the burden on taxpayers by reducing demand for the Age Pension and welfare.鈥澨
鈥漋iewed through this long-term lens, super payments are as important to the financial wellbeing of Australians as their take-home pay. Yet the existing settings, in enabling super to be paid retrospectively after each quarter, effectively put it on a lower footing. Payday super is a very positive development that rectifies an outdated scheme, and all Australians will ultimately benefit.鈥澨