27,06,23 | Superannuation, Workers' rights
This week, the federal government passed the Fair Work Amendment (Protecting worker entitlements) Bill 2023 in parliament. The bill makes several changes aimed at improving the workplace relations framework, including the following amendments: Inserting the right to...
15,05,23 | Superannuation
The Federal Government has announced that employers will pay superannuation on the same day as wages, a move welcomed by our union. IEU Assistant Secretary Nicole Kapernick said mandating for super to be paid with wages will allow workers to more easily detect when...
22,02,23 | Superannuation
Enshrining a legal definition of the purpose of superannuation would benefit all Australians after years of early withdrawal policies have seen balances dwindle. About $36 billion was drained from Australian superannuation accounts in 2020 alone as part of the former...
01,09,22 | Superannuation
The Australian Catholic Superannuation and Retirement Fund’s (ACSRF) LifetimeOne product has failed against the Australian Prudential Regulation Authority (APRA) benchmark performance test for a second year in a row. Protecting members’ retirement IEU-QNT Assistant...
15,07,22 | Superannuation
New financial year brings boost to all workers’ super balances including 300,000 who previously received no super at all. A 0.5% increase to the Super Guarantee (SG) rate has seen minimum super rise to 10.5% (as part of a legislated commitment to increase super to 12%...
16,05,22 | Superannuation
Scott Morrison’s latest attack on superannuation would force workers to raid their retirement savings to get on the property ladder. In an attempt to shift blame for the housing affordability crisis, Morrison is encouraging first home buyers to take up to $50,000 from...
16,03,22 | Superannuation
The Morrison federal government has dismissed a plan to address the gender superannuation gap despite the policy being recommended by its own retirement income review. A proposal to pay super on top of government-funded parental leave was abandoned as the Morrison...
23,02,22 | Superannuation
The superannuation balances of thousands of vulnerable workers will receive a much-needed boost following the abolition of the $450 super threshold. This means any IEU-QNT members earning less than $450 per month from a single employer will soon receive super payments...
03,11,21 | Superannuation, Workers' rights
3 million Australian workers have had $5 billion in superannuation stolen by employers according to a recently released Industry Super Australia report. Young workers and low-income earners experience the highest rates of theft; a third of those under 30 are underpaid...
03,11,21 | Superannuation
Members at Brisbane Girls Grammar School (BGGS) have won benchmark-setting super entitlements in their recent collective bargaining negotiations. Employer superannuation contributions will climb incrementally to 14.25% in 2024 under the terms of the new agreement....
15,10,21 | Superannuation
Australian Catholic Super and Christian Super have failed the financial regulator’s initial performance test of their MySuper financial products. The Australian government’s You Future, Your Super laws came into effect on 1 July 2021 with an annual performance test...
17,06,21 | Member action, Superannuation, Workers' rights
The federal government’s controversial Your Super, Your Future bill passed the Senate today with support from the crossbench, despite significant concerns from workers in industry funds about the consequences of the new laws. The government purports the new laws will...
28,04,21 | Superannuation
Reports that, in an eleventh hour move, the Morrison government will abandon its attack on the superannuation guarantee are welcome news for workers. Super is set to increase to 10% in July, with the rise to be formally confirmed in the 11 May federal budget. The news...
09,03,21 | Beginning Educators (BEnet), Superannuation
Superannuation is often something workers don’t consider until later in their working lives. But having a good understanding of your super entitlements can make a big difference. Here’s a quick rundown on what you need to know about super. What is super? Super...
12,02,21 | Superannuation
The federal government’s reticence to stand by legislated increases to super would upend the promised retirements of a generation. Workers should receive an increase to their guaranteed super this year (from 9.5% to 10%) with further legislated increases to follow...
02,12,20 | Superannuation
A growing number of Liberal MPs are publicly calling for promised increases to super to be abandoned, while continuing to pocket 15.4% super in their own taxpayer-funded salaries. Treasurer Josh Frydenberg said the decision to increase the super rate would be...
02,12,20 | Superannuation
A recent government review has found “the Australian retirement income system is effective, sound and its costs are broadly sustainable”. Australia’s retirement system has also once again ranked highly in the annual global index, finishing 2020 as the world’s fourth...
02,12,20 | Superannuation
As workers await their legislated 0.5% rise in superannuation next year, some employers and government MPs are attempting to cancel the ‘unaffordable’ increase. As Paul Keating, former Prime Minister and architect of our super system, told ABC’s 7.30 this week, the...
25,11,20 | Equity, Superannuation
While Australia is in the grips of its first recession in 30 years due to COVID-19, many employers and some members of government are arguing a planned increase of the super guarantee (SG) to 12% is unaffordable. Successive coalition governments have frozen increases...
22,08,20 | Superannuation
Nearly 600,000 workers aged under 35 have drained their super balance to zero under the federal government’s controversial early access scheme. Since the government introduced the scheme as part of the COVID-19 economic response, 2.5 million Australians have...
18,02,20 | Superannuation
The federal government’s superannuation freeze has cost workers thousands in retirement savings and failed to stimulate wage growth, according to a new report. The federal government’s decision to freeze the superannuation guarantee (SG) rate at 9.5 per cent in 2014...
01,10,19 | Equity, Superannuation
The rate of Australian women facing financial crisis and poverty as they approach retirement is on the rise due to a failing superannuation system that leaves a majority of women with 47% less superannuation than men. Interrupted careers, lower paid jobs and part-time...
