Mandating more frequent super payments in the May Budget would end Australia’s multi-billion-dollar unpaid super rip off while potentially also boosting investment returns for millions of workers who get all their legal entitlements, new analysis shows.
Because super payments can be legally paid quarterly, there can be a misalignment between the super published on a payslip and the amount deposited into an account.
Most employers do the right thing, but some bosses exploit the misalignment to hide underpayments from their staff – dudding their workers and gaining an unfair advantage over competitors in the process.
The outdated law is the key reason Australia’s workers have been underpaid a staggering $33 billion over seven years, losing an average of $4.7 billion in unpaid super each year.
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