Published: 03 Aug 2023
A discriminatory legal relic that largely denies Queensland’s under-18-year-olds super contributions could ultimately cost them more than $10,000 at retirement, new research reveals.
About 87,000 of Queensland’s youngest workers are locked out of the nation’s world class retirement system because they are not entitled to compulsory super contributions, unless they work more than 30 hours a week for the same employer.
New Industry Super Australia (ISA) modelling finds that this law could cost the state’s youngest workers about $90 million in super contributions annually.
If these Queensland workers were eligible for the super guarantee they would receive an average of $1,035 a year. If invested in a super fund these small contributions could grow to $10,2000 by the time a teen worker retires.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.