1 in 4 Australian workers lose $30,000 retirement due to missed compulsory super payments; federal government plans to implement payday super from mid-2026, while opposition raises concerns about small business cash flow.
1 in 4 Australian workers miss out on compulsory superannuation payments, resulting in a combined $30,000 loss at retirement for affected workers. The Super Members Council has urged for legislative reform and tougher compliance, including the implementation of payday super, where super contributions would be made at the same time as wages and salaries starting from mid-2026. The federal government has committed to the change, stating it will modernize the super system and reduce underpayments. However, the opposition has raised concerns about potential cash flow challenges for small businesses due to more frequent super guarantee payments.
August 27, 2024
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