The union movement welcomes the Federal Government’s announcement today that superannuation is to be paid on the same day as wages.
When super is paid quarterly rather than on the same day as wages, it is harder to track when it is not being paid. Like wage theft, failure to pay superannuation is rife: millions of workers have up to $5 billion a year in superannuation unpaid by employers, and this has serious implications for their retirement.
Mandating for super to be paid with wages will not only make it easier to detect and recover unpaid super, it will also help prevent its non-payment – as quarterly payments will no longer obscure what they are owe.
This announcement comes as legislation is also before Federal Parliament to finally enshrine superannuation as a universal workplace right in the National Employment Standards. This will ensure every worker has the right to recover unpaid super.
This announcement comes as legislation is also before Federal Parliament to finally enshrine superannuation as a universal workplace right in the National Employment Standards. This will ensure every worker has the right to recover unpaid super.
Quotes attributable to ACTU Assistant Secretary Scott Connolly:
“Paying superannuation at the same time as wages is a long overdue measure that will make it easier for workers to track their super and ensure they’re getting paid what they’re owed.
“Millions of workers have billions of dollars of retirement savings unpaid every year – timing superannuation payment with wages will make this harder.
“Working people will also soon have superannuation recognised as a workplace right in the National Employment Standards, meaning workers and their unions can commence recovery action sooner to stem the haemorrhaging of retirement savings.
“Every worker should have the right to have 100% of their super paid on time, all the time. The union movement welcomes the key steps the Albanese Government is taking to protect workers super.”
