Local News

Superannuation Loopholes

download 8

Workers across the Eyre Peninsula are being warned they may not be able to trust their payslips when it comes to superannuation.

New research reveals nearly three-quarters (74%) of Aussie workers mistakenly assume super contributions on their payslip have actually been paid into their super account.

However Chief Executive of Industry Super Australia, Bernie Dean, says some employers are taking advantage of a 'loophole' which allows them to pay only on a quarterly basis.

“At the moment employers are only required to pay super annulation on a quarterly basis and that’s made it really difficult for a lot of workers to actually track down how much, if any, super is making it into their supper accounts,  regardless of what it says on their pay slips.”

“Most employers are doing the right thing we have to remember that, but there are some employers that are holding on to that money that should be going into works super accounts.”