Up to $3.6 billion in unpaid worker’s superannuation entitlements

Up to $3.6 billion in unpaid worker’s superannuation entitlements

Call-to-action:

We recommend that you (a) check your last payslip in June 2016, and look for the “superannuation payments” line. Then (b) check your super fund annual statement which will tell you what was actually paid in. Ensure these amounts are similar. If they aren’t, talk to us.

What’s this all about?

It has been reported that up to a third of workers are not being paid part, or all, of their compulsory super.

At the present time employers appear to have withheld at least $3.6 billion in superannuation payments to 2.4 million workers in 2013/14.

Without this money going into your super accounts, it means that you may not have the retirement savings you thought you would. There are longer term implications: for example, less money in retirement to live off.

Under the superannuation guarantee, employers are required to contribute at least 9.5% of their employees salary to the accounts of every worker earning over $450 a month. This covers majority of Australians and is required under law, based on your award conditions, or your employment contract. Your employer (if a small – medium business), is required to make super contributions at least once a quarter. Many larger employers do so monthly.

Last week the Senate agreed to investigate the non-payment of the super guarantee, with a committee to report in March.

Action:

If you feel you haven’t been paid what you’re entitled to, or are unsure, please contact us for support. Aspect Wealth are offering to review this for any individual on a pro bono basis (i.e. no fee). We will help you design an action plan if it turns out you have not received your super. We feel this issue cannot be ignored and that everyone who needs help, whether you are an existing client of Aspect or not, can get access to it.