Underpayment of super remains a huge problem, with Industry Super Australia, the umbrella group representing industry super funds, estimating workers lose an average of $4.7 billion a year.
Workers are being warned to monitor their pay and their super accounts to make sure they receive their automatic rise in superannuation from July 1, when the rate increases from 10.5 per cent of ordinary earnings to 11 per cent.
Superannuation is required by law to be paid at least quarterly, which can result in payslips showing that super has been paid, even though it has not yet been deposited into a worker’s account. These mostly white-collar professionals who do not work under awards or enterprise agreements can have employment contracts that allow for their pay to be reduced to pay for the increase in the super guarantee.Mercer conducted a survey in early 2022 of almost 120 organisations across Australia, varying in size and industry, asking them what they were planning to do when the super guarantee rose 0.5 per cent on July 1 of that year.
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