A shocking amount of superannuation dodged, study shows
Published 08 Dec 2016
Researchers have recently proposed that employers are eluding paying their workers superannuation. The amount of money that Australian workers are being short-changed by is shocking. Find out how much of a problem this has become in Australia and how Gerard Malouf & Partners’ expert superannuation compensation lawyers can help if you have not been paid the superannuation you’re owed.
How your employer may be dodging contributing to your superannuation
According to new research by Industry Super Australia and Cbus, employers are withholding $3.6 billion per year of superannuation payments to 2.4 million workers, ABC reports.
This allegation that so many workers are being cheated out of their rights is alarming. The mandatory Superannuation Guarantee requires employers to pay a minimum of 9.5 per cent into the super funds of an employee 18 years old or over and earning more than $450 a month.
Industry Super Australia chief executive David Whitely said that not enough has been done to investigate employers who have shirked their legal duty to contribute to super funds.
The report also states that people are most likely to be cheated of their superannuation in the construction, hospitality and cleaning industries. People under 30 are more at risk of being short-changed, too. Lastly, the researchers found that small and medium-sized businesses were the least likely to pay employees what they’re owed.
However, the Australian reports that small businesses are arguing against Industry Super’s claims and saying that the super fund system is to blame for the lack of payments.
The consequences remain even if the causes are unclear. Whitely states that “As pension access tightens and home ownership declines, those missing out on compulsory super stand little chance of a decent standard of living in retirement.”
Lodging a superannuation claim
At Gerard Malouf & Partners, we know all the tactics that companies use to minimise superannuation compensation. This is especially a problem, however, if you find yourself suddenly totally or even partially disabled and in need of early access to your superannuation. That’s what early access to the funds is supposed to be there for – to help you in a time of need when you’re unable to work.
We can help you take on the insurance companies to get access to lump sum payments under superannuation and insurance policies. To do this, we’ll challenge your insurer if they refuse to pay compensation.
Also, don’t think that because you are under financial pressure now that you can’t seek the help of our lawyers. We work on a No Win No Fee policy and we also commit to reducing legal fees should you feel disappointed with the outcome of the lawsuit.
Contact Gerard Malouf & Partners today; we’ll fight to maximise your compensation and ease your financial burden.