Super announcement will help recover stolen savings

Super announcement will help recover stolen savings

The peak body for working people has welcomed Bill Shorten’s commitment to include the superannuation guarantee in the National Employment Standards under a future ALP government.

This change will ensure that working people and their unions will be able to pursue stolen super through the industrial umpire, rather than waiting and relying on the ATO to do something for them.

Research by Industry Super Australia has shown that $5.9 billion of working people’s super is stolen each year.

One in three workers are having their super stolen with an average of $1,994 per year or $77 per fortnight stolen from each worker.

Young workers and those in insecure work are most vulnerable, part time and casual workers making less than $30,000 per year are 33% more likely to have super stolen than full time workers on higher salaries.

Today’s announcement recognizes that superannuation is a workplace right, and placing the right to super in the Fair Work Act will ensure it is and remains solely an industrial instrument.

Quotes attributable to ACTU Assistant Secretary Scott Connolly:

“Australia’s universal superannuation system should ensure that everyone has a right to a dignified and comfortable retirement.

“Working people gave up pay rises to establish and extend our super system to everyone, and the Labor party and the labour movement have been its custodians and champions for the last three decades.

“Today’s announcement extends this commitment. It ensures that working people who have their retirement savings stolen will be able to go to the independent umpire and get their money back.

“It will let working people take action through the independent umpire and give people who’ve had their super stolen swift, low-cost, plain-language access to justice.  

“On behalf of the Australian union movement I welcome this announcement.”