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The Australian Institute of Superannuation Trustees (AIST) has welcomed today’s introduction to Parliament of legislation to remove the minimum $450 monthly salary threshold that currently prevents at least 311,000 workers from receiving compulsory employer super contributions.
AIST CEO Eva Scheerlinck said the move to scrap the $450 monthly threshold - which the super industry had long called for – was an important equity measure that would make an immediate difference to the retirement outcomes of some of Australia’s most disadvantaged workers.
“This legislation recognises that every worker has a right to employer super contributions, no matter how much they earn or how many hours they work,” Ms Scheerlinck said. “There is absolutely no justification for this arbitrary earnings threshold on employer super contributions.”
Ms Scheerlinck, who urged Parliament to pass the legislation without any change, said those affected by the current threshold were typically low income earners and mostly women, some of whom work two or more jobs, each earning under $450 per month.
The legislation will expand the Super Guarantee to eligible employees earning salary or wages less than $450 in a calendar month from a single employer.
“Given that superannuation guarantee payments are payable on the entire income for employees earning over $450, the current threshold creates a stark contrast of outcomes for employees that may be earning only slightly different income.”
However, Ms Scheerlinck said more needed to be done to improve fairness in the super system and to improve the retirement outcomes of women and low income earners.
AIST is calling on the Government to introduce super on paid parental leave and to address the equity of the super tax concessions, which disproportionately benefit high income earning men.
Media enquiries: Janet de Silva, AIST Senior Media Manager 0448 000 499