Monday, December 05, 2016

ACTU – Workers Robbed of $3.6 Billion Superannuation

New report: 5 December 2016

The Australian Council of Trade Union says employers must take immediate action to rectify $3.6 billion of underpaid superannuation. New figures released by Industry Superannuation Australia today show 2.4 million Australian workers are missing either some or all of their superannuation entitlements.

The ACTU welcomes the establishment of a Senate Economics References Committee review into the impact of non-payment of superannuation, given one third of Australian workers is missing out on payments owed to them.

The report released today, shows workers under the age of 30 and workers in the construction, hospitality and cleaning industries are most likely to be short-changed superannuation.

Quotes attributable to ACTU President Ged Kearney:

  • “This is a $3.6 billion problem, non-payment of superannuation is a form of wage-theft. It should not be up to individual employees to chase their employer for entitlement owed.
  • “The fact that one in three workers miss out on superannuation that is owed to them shows we absolutely need a Senate Inquiry. Employers who are dodging super obligations must be brought to heel and the ATO must be much better resourced to deal with breaches.
  • “Given 2.4 million Australian workers are missing out on superannuation entitlements, those individual workers suffer and are short-changed, but our whole economy also suffers.
  • “Unions fight hard every day for back-payment of superannuation where employers try to avoid their obligations, but we can’t do it on our own. Prime Minister Turnbull must act now to to close the loopholes and put a clear, enforceable penalty system in place for employers who rip off their employees.
  • “The federal government’s huge funding cuts to the ATO and ASIC mean those regulators are just not resourced to manage the volume of unlawful breaches committed by employers.
  • “Young workers, workers on minimum wages and workers in insecure work are most likely to miss out on super owed to them.
  • “The amount of unpaid super grows every year. Without better monitoring and enforcement that amount will continue to grow, and employees with find themselves unable to fund their
  • retirements.

No comments: