Two hard fought for union wins are being implemented today, with the superannuation guarantee increasing from 10 to 10.5 per cent, and the $450 per month minimum earnings threshold for superannuation payments being abolished.
With the average worker running out of retirement savings 10 years before the end of their life, there is still a long way to go before superannuation is universal, fair, and secure.
The Albanese government must ensure that the superannuation guarantee continues to rise, and all future governments must respect that the guarantee is mandated to reach 12 per cent by 2025.
Women currently retire with roughly half the amount of superannuation than men accrue and to bridge this gap the government must ensure that super is paid on every dollar earnt, including parental leave.
The removal of the $450 threshold is a significant step forward, however, those under 18 who work less than 30 hours per week currently do not receive superannuation, this must change.
Quotes attributable to ACTU President Michele O’Neil:
“Our superannuation system is the envy of the world, but constant work is required to ensure that it continues to improve and delivers a secure retirement for every worker.
“Women continue to retire with half the amount of men and workers are running out of savings roughly ten years before the end of their life. First Nations workers are retiring with even less. In order to make sure that the system provides the security that it promises, it is essential that superannuation is paid on every dollar earned, to every worker and achieves equal retirement outcomes.
“We celebrate the 30th year anniversary of the Superannuation Guarantee and see the proud legacy of unions continued. Today we see the result of Unions fighting for and winning an increase to the guarantee to 10.5% and the abolishment of the $450 threshold, demonstrating that unions will always campaign to improve and defend superannuation.
“An essential step to tackle women retiring with half the superannuation as men, is to close the gender pay gap and pay superannuation on every dollar earnt, including parental leave. We look forward to working with the Albanese Government to ensure retirement equality.”