Unions call for urgent passage of payday super legislation to counter rampant super theftfrom young workers

Today’s introduction of pay day super legislation by the Albanese Government will significantly reduce superannuation theft and boost the retirement savings of millions of workers.

Stolen super costs 3.3 million Australian workers $5.7 billion a year and disproportionately impacts young workers, women, migrant workers, and those in insecure work.

Super Members’ Council research shows that almost one in three workers in their 20s (31%) and 28% in their 30s have had their super stolen.
Requiring employers to pay workers’ super on pay day will make super theft more noticeable, meaning workers receive the benefits of compound interest earlier and retire with more. As millions of workers continue to experience super theft every day, the ACTU calls on the Parliament to urgently pass this commonsense legislation.

Quotes attributable to ACTU Assistant Secretary, Joseph Mitchell:

“Super theft is unacceptable. Super is workers’ retirement savings, not employers’ money. Paying super on payday is a commonsense way to make it harder for dodgy employers to steal workers’ super.

“Paying super on pay day means some workers will retire with tens of thousands of dollars more in superannuation, not just by reducing super theft but by getting their money earning compound interest faster.

“Super theft affects younger workers more, which makes payday super an intergenerational inequality issue. If we’re serious about tackling intergenerational inequality, we must stop super theft and pay day super is critical to stopping super theft.

“Pay day Super is a long overdue reform. Unions urge the Parliament to urgently pass this legislation to ensure more of workers’ money gets to workers.”