We believe that everyone is entitled to a dignified retirement after a lifetime of work. That’s why making sure you are being paid your superannuation entitlements is important.
What is Superannuation?
Superannuation is a way to save for your retirement. The money comes from contributions made into your super fund by your employer.
Superannuation is paid on top of your ordinary wages and regular allowances. The superannuation guarantee rate, which must be paid according to law is 9.25% but will increase to 12% by 2019.
Who is entitled to Superannuation?
If you work full-time, part-time or as a casual employee, you are entitled to superannuation contributions as long as you earn more than the minimum threshold amount of $450 per month.
Employees of any age may be entitled to superannuation payments but if you are under 18, you must work over 30 hours per week.
How do I know what I should be paid?
Some awards and agreements have better than the minimum rights to superannuation, so make sure you check them first. Otherwise you should be paid the superannuation guarantee rate.
What do I do if my boss isn’t paying my Superannuation correctly?
Check the annual statement from your superannuation fund. This should show you how much your employer has paid on your behalf during the past financial year. Information about your superannuation should also be included on your payslip and should match the information from your fund.
The payment of compulsory superannuation contributions is enforced by the Australian Taxation Office. If you are not being paid correctly, the AMWU can help you to lodge a complaint with the tax office.
Can I make extra contributions?
Yes. You can make extra contributions to your superannuation on top of your guaranteed minimum. To make extra contributions, you need to have a written agreement with your employer detailing the amount of the additional contribution, where it will be paid and how often.
Which Superannuation fund is best?
Only you can choose which fund will be best for you, but please note that there are significant differences between funds in terms of returns and fees.
The AMWU recommends that members use industry funds because they are often the best performing and have the lowest fees.