How YOU could miss $ 2,000 because of a cowardly boss – and why a payday plan is needed to protect your retirement savings
- Financial expert Effie Zahos said employees lost $ 2,000 super
- The annual deficit is based on unreliable bosses who make no legal contributions
- Industry Super Australia estimates that 2.85 million employees miss out on $ 6 billion
- It wants employees to pay super every payday instead of waiting for three months
Australian employees miss $ 2,000 a year because bosses are unable to make the right superannuation contribution.
Financial commentator Effie Zahos said that a deficit – which was $ 77 per two weeks – was enough to deprive a young person of a decent pool of money to finance his retirement.
& # 39; One in three Aussies misses this payment & # 39 ;, she told the Today show on Wednesday.
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Australian employees miss $ 2,000 a year because unreliable bosses are unable to make the right superannuation contribution. Financial commentator Effie Zahos (equal to Nine personality Georgie Gardner) said that a deficit of $ 77 per two weeks was sufficient to deprive a young person of a decent pool of money to finance his retirement
& # 39; It is approximately $ 2,000 per year in lost superi contributions or $ 77 every two weeks. & # 39;
Ms. Zahos, editor-in-chief of the Canstar financial comparison group, supports a plan for employees to receive their super each time they are paid, instead of having to wait three months for a supplement.
& # 39; The faster your money goes into your super fund, you earn interest on it & # 39 ;, she said.
An Industry Super Australia analysis, published this week, found that one in three employees or 2.85 million people had been robbed of $ 6 billion in super because of unscrupulous employers.
They estimate that the Australian tax office could only handle one percent of the lost superannuation cases.
Employers must complete the super balance of their staff every three months, with the next contribution on October 28.
However, the umbrella group for super funds in the industry wants this contribution to take place every payday instead of every quarter.
It has commissioned research by UMR, which showed that 89 percent of respondents supported this idea.
Ms. Zahos said that this is employees & # 39; more involved & # 39; would make at their super.
& # 39; People will be able to follow if their employer has paid it & # 39 ;, she said.
Industry Super Australia also wanted tougher penalties for employers who did not give their employees the superannuation they were entitled to.
Ms. Zahos, editor-in-chief of the Canstar financial comparison group, supports a plan for employees to receive their super each time they are paid instead of having to wait three months for a reload
Last month, the online investment advisory group Stockspot analyzed 600 products from the 100 largest super funds in Australia.
It found that a 35-year-old full-time employee who earned $ 78,000 a year, or slightly less than average, would lose $ 200,670 by the time they retired at 67.
Compulsory employer contributions increase from 9.5 percent to 12 percent from July 2025.
Australia's superannuation savings pool is now worth $ 2.9 trillion – 27 years after Paul Keating's Labor government made it mandatory.
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