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Showing 1 - 10 of 64 results for "Unpaid super"

More businesses fold, unpaid super recovery measure to launch

KARREN VERGARA  |  THURSDAY, 6 JUN 2024
As the number of business insolvencies spike, workers will soon be able to claim unpaid superannuation owed to them by defunct employers under the Fair Entitlements Guarantee (FEG) Recovery Program. From 1 July 2024, staff who worked for employers that ...

ESSSuper faces class action threat over unpaid super

ANDREW MCKEAN  |  FRIDAY, 12 APR 2024
Emergency and State Services Super (ESSSuper) is facing a class action from Gordon Legal and the Rail Tram and Bus Union (RTBU) over allegations of more than $40 million in unpaid superannuation. The $36 billion super fund has been accused of failing ...

Payday super timing, deliberate: Chalmers

CASSANDRA BALDINI  |  TUESDAY, 5 DEC 2023
... Unpaid superannuation is equivalent to wage theft. However, the ATO reported there is an estimated $3.6 billion in unpaid super between 2020 and 2021. In response, the government will require super be paid on payday, effective 1 July 2026. Industry Super ...

Payday super protects most vulnerable: SMC

CHLOE WALKER  |  MONDAY, 4 DEC 2023
... in a year. The analysis also showed that lower-income workers and younger women are disproportionately impacted by unpaid super. SMC interim chair Nicola Roxon said the government's commitment to switch from quarterly to payday super was a step towards ...

ATO recoups $684m in unpaid super

ANDREW MCKEAN  |  WEDNESDAY, 15 NOV 2023
... Australia's hard-working employees are receiving their lawful entitlements from their employers," Rosenzweig said. "Unpaid super not only affects employees' entitlements but it also raises other red flags that a business may not be viable. If you're ...

Rest closes investment options, shifts allocations

ANDREW MCKEAN  |  FRIDAY, 25 AUG 2023
Rest is closing its bonds and shares investment options to new members as of September 30. The $75 billion industry super fund said any request by existing members to switch funds into the bonds or shares options must be received by September 27. However ...

What you need to know about the 2023-24 budget

KARREN VERGARA  |  TUESDAY, 9 MAY 2023
... the superannuation sector, Chalmers delivered no major surprises but flagged that the government will crack down on unpaid super and will put the pressure on the ATO to do better in recovering this money. In transitioning to a green economy, Chalmers ...

Labor cracks down on unpaid super

ANDREW MCKEAN  |  TUESDAY, 9 MAY 2023
The federal government is clamping down on unpaid super, requiring employers to align the payment frequency of the Superannuation Guarantee (SG) with wages. Federal budget documents revealed that the government will proceed with its earlier decision ...

Payday super to boost retirement savings for millions

ANDREW MCKEAN  |  TUESDAY, 2 MAY 2023
... salary and wages. By transitioning to payday super, the government aims to tackle the average annual $4.7 billion of unpaid super. Unpaid super has been worsened by existing rules, which only require employers to make superannuation payments quarterly. ...

Women growing super faster than men: Research

KARREN VERGARA  |  WEDNESDAY, 19 APR 2023
... that leads to millions of mums being worse off retirement. Young and lower paid women are bearing the brunt of the unpaid super scourge - those least able to afford it," she said.
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