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‘A frightening problem’: $5 billion in superannuation stolen from workers

Steve Mills
Article image for ‘A frightening problem’: $5 billion in superannuation stolen from workers

It’s been revealed that close to 3 million Australian workers are being robbed of $5 billion from their superannuation every year by their employers.

Young workers were found to be most vulnerable, as well as blue-collared workers.

ACTU Assistant Secretary Scott Connolly said it’s a “frightening” problem.

“A dollar today is worth many, many more in retirement, and we’re seeing this amount stolen every single year,” he said.

“Superannuation payments are only required to be paid every quarter, and that just makes a massive gap both for the individual worker to actually identify when it hasn’t been paid, but equally for the employer in terms of managing their books and their accounts.

“To make the payments on a quarterly basis just makes it harder from their perspective as well.

“Simple solution here – if you get wages, you get super at the 10 per cent you’re required to get it, on the same day”

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Image: iStock by Getty

 

Steve Mills
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