Published: 03 January 2017
Is your superannuation in order?
Many Australians are not clear on whether they are regularly being paid superannuation entitlements.
An Industry Super Funds report that millions of Australian workers are not being paid their compulsory employer superannuation contribution entitlements is greatly disturbing, but unfortunately not surprising.
We tend to forget that the compulsory employer superannuation contribution, currently at 9.5% of remuneration, has been part of all workers’ wage or salary package for over 20 years.
Be sure to check you are receiving employee benefits
If your employer is not paying the compulsory superannuation contribution into your super account, then you are missing out on the accumulated benefit of your super account growing. In addition, you are also being underpaid your full wage or salary entitlement.
Crucially, if your employer is not paying their compulsory super contribution, you may have lost the benefits of life, total and permanent disability and income protection insurance, which is often attached to your superannuation account.
Failing to pay superannuation is breaking the law
Employers who are evading their obligation to pay the compulsory superannuation contribution are breaking the law and need to be held to account.
You can check you are not being ripped off by checking your pay slips or your super fund’s member statements to see if employer contributions are going in and, if you are in any doubt, contact your super fund directly to be sure.
End of year is a good time to get your personal administration and financials in order.
Be sure to start 2017 with a sense that you are in control of your finances and if you require any further information don’t hesitate to call your local lawyer at Stringer Clark on 1800 641 743.
Meanwhile, best wishes from our team for a prosperous, peaceful and enjoyable 2017.