SmartCompany, May 3, 2019
Analysis of 2016-17 tax office data conducted by former Treasury official Phil Gallagher for ISA has found an additional 90,000 workers have been shortchanged on superannuation since 2013-14, totalling $5.94 billion in unpaid entitlements.
The gap between those paid correctly and those ripped off has increased by 25%, or $350 million, over the last three years, ISA said.
“This should be a wake-up call for the major parties. We are now seeing the cumulative damage the unpaid super epidemic is doing to workers’ super balances,” Industry Super Australia chief executive Bernie Dean said in a statement circulated on Friday.
“The easiest way to end this exploitation and ensure workers are paid their super is to simply legislate that all employers must deposit money into a worker’s super account at the same time as they deposit their salary into their bank account.” READ MORE: https://www.smartcompany.com.au/finance/superannuation/superannuation-gap-employers/?utm_campaign=SC&utm_medium=email&utm_source=newsletter