Payday Super Win For All Australians: COTA Australia
The release of payday super laws for consultation today represents a crucial step forward to ensuring all Australians can retire with dignity, says COTA Australia, the country’s leading advocacy for older people.
“These laws will tackle the $5 billion annual shortfall in unpaid super that leaves 2.8 million workers short-changed,” said Patricia Sparrow, Chief Executive of COTA Australia.
“We’ve long called for super to be paid on payday-not quarterly-and we’re pleased to see the Federal Government taking action to make this a reality by 2026.”
Ms Sparrow highlighted that unpaid super hit vulnerable workers hardest, particularly those in insecure jobs and women who already face significant retirement income gaps.
“Unpaid super is money workers are legally entitled to. Every day it goes unpaid, Australians are losing out on their own retirement savings, missing the benefits of compound interest that could make a real difference later in life.
“This is a no-brainer reform. It benefits workers by ensuring they get paid what they’re owed and helps businesses by simplifying super payments and reducing red tape.
“With Australians living longer, we need a superannuation system that supports people throughout retirement. Paying super on payday is a fundamental step towards that goal.”
“While this won’t fix every challenge in our retirement income system, it’s a major step forward in ensuring Australians can retire with dignity,” Ms Sparrow said.
https://cota.org.au/news-items/payday-super-a-win-for-all-australians-cota-australia/