Industry Super Australia (ISA) is calling for action on unpaid super with a new campaign calling for super to be paid on pay day – as it currently does for our federal politicians.
Industry Super Australia Acting Chief Executive Matthew Linden said one in three Australian workers are having their super stolen by unscrupulous employers. It’s daylight robbery and it’s got to stop.
“The simple fix is to for federal politicians to change the law and make employers pay super at the same time as wages. If it is good enough for our federal politicians it should work that way for all Australians.”
“Making super payable on pay day for everyone will make cash flow easier for small business and protect the nest eggs Australians work so hard for – it’s a win-win.”
ISA analysis shows Australians are robbed of close to $6 billion in super each year by dodgy bosses – the equivalent of nearly $2,000 per person – with unpaid super going from bad to worse.
While most employers do the right thing, there is a small minority who exploit loopholes in the law and lax regulation to rip off hardworking Australians and rob them of their hard-earned super.
This is money that should be a in a worker’s account and could make a huge difference to their quality of life at retirement.
This occurs because super is only required to be paid into a worker’s account quarterly, meaning it is easy for payments to fall through the cracks and for unscrupulous employers to deliberately hang on to the money to undercut their competitors.
While workers’ might think super has been paid into their account because it appears on their payslip, there is currently no legal requirement that it gets paid into their super account at the same time as their salary is paid.
The easiest fix is for the Federal Government to change the law and require all employers to pay super on pay day.
Federal politicians have their super paid at the same time as wages and it’s only right this same protection is extended to all Australians.
ISA’s new advertising campaign highlights this discrepancy.
The campaign goes live on today and will run across television, social media, digital platforms and search engine marketing.
