Around 2.4 million or almost one third of Australian workers eligible for super are missing out on some or all of their entitlement
Under the Superannuation Guarantee (SG) employers must contribute 9.5 per cent into the super account of every worker over the age of 18 earning $450 a month, and little is being done about it, a new report reveals.
But, using official ATO and ABS data, Industry Super Australia and Cbus have conservatively calculated that rogue employers are dodging compulsory superannuation payments to the tune of $3.6 billion a year (2013-2014). This equates to $1,489 or almost four months of super for the average worker affected.
The Parliament has established a Senate Inquiry to look into unpaid super. The committee are due to report back on 2 May.
Industry SuperFunds are pressuring the government to make the system better by providing more resources to get employers paying super as they're supposed to and closing loopholes in the law.