The campaigning and lobbying organisation for industry super funds, Industry Super Australia (ISA), has launched an advertising campaign to raise awareness of the impact that unpaid super has on millions of industry super fund members and call for change that will improve their retirement savings.
ISA analysis of ATO data last found a third of workers are missing out on nearly $2,000 a year in super payments they’re entitled to because of unscrupulous employers and loose laws.
ISA Chief Executive, Bernie Dean, said “This money should be in workers accounts and could make a huge difference to their life in retirement. Instead its sitting on the ledger of some dodgy employers who are taking advantage of lax laws and no real enforcement activity.”
A Senate inquiry in 2016 also concluded that the problem was unacceptable and made over 30 recommendations for change. No recommendations have been legislated or progressed in any significant way.
Dean said that the advertising campaign is aimed at getting federal parliament to act on what they know is a huge rort and change the law to make employers pay super into a workers account when they pay salary.
Under the current laws, employers are only required to pay super into a workers account on a quarterly basis, regardless of what it says on a workers’ payslip.
Dean said that good employers who paid super more regularly were being undercut by dodgy employers who were holding onto their workers’ super entitlements.
“With people not checking on their super, there’s a good chance they might be missing out, we want them to know and ask.
“It shouldn’t be on the shoulders of hardworking Australians to ensure they are being paid super- the law should require it.
The campaign goes live on 11 February 2019 and will run across television, social media, digital platforms and search engine marketing.
ISA’s Director of Marketing is Alana Burnside and the creative agency is The Shannon Company.
See the ad here.