Australians losing out on AUD10bn in superannuation savings, report finds

first_imgIn this changing world of employment, technology had made it easier to segment work into smaller parcels, with employees often falling outside the scope of superannuation.Women especially were penalised by the current model, being more likely to participate in part-time or casual work that increasingly came in the form of a contractor rather than employee relationship.“Abolition of the $450 threshold could help up to one million Australian workers boost their superannuation savings”Rose Kerlin, AustralianSuper group executive, membershipThe study said women – particularly those in part-time work – were also overwhelmingly caught by an outdated provision that restricted superannuation payments to individual jobs paying more than AUD450 per month.The problem was large enough to undermine the success of Australia’s retirement income system and required an urgent response from policy-makers, regulators and the industry, the report said.Rose Kerlin, AustralianSuper group executive, membership, called for reform, including abolition of the AUD450 threshold, to ensure the superannuation system kept pace with the changing nature of work in the economy.“AustralianSuper believes that, without meaningful reform, the superannuation system will leave vulnerable workers behind when it comes to retirement,” she said. “Abolition of the $450 threshold could help up to one million Australian workers boost their superannuation savings.”Cbus chief executive officer David Atkin said that in the construction industry – for which Cbus is the leading industry superannuation fund – transient contract work, casualisation and self-employment were not new, but were increasing and affecting people’s retirement savings.“Not surprisingly, the construction industry features prominently in the research around those not receiving compulsory super contributions, with an estimated gap of nearly $2 billion a year affecting the retirement savings of nearly 350,000 people,” Atkin said.“After 25 years of compulsory superannuation in Australia, it is clear that there is a large and growing number of Australians not sufficiently saving for their retirement.“It’s time for industry, regulators, policy-makers, employers and unions to come together to discuss solutions.” An estimated 2.3 million Australian workers are missing out on some AUD10bn (€6.4bn) in superannuation each year as a result of the rise of the gig economy and the shift to casual employment, according to a new study.The study was commissioned by AustralianSuper and Cbus Super, which have a combined membership of almost three million and assets of some AUD173bn.It said that without action, the number of workers missing out will rise to 3.1 million – one in five workers – by 2027 and AUD23bn yearly in contributions will be lost.Those missing out on Australia’s universal superannuation levy of 9.5% were employed in the ‘gig’ economy and ‘non-traditional’ work environments, according to the study.last_img read more

Man dressed in gorilla suit enters wrong home and scares little girl

first_imgA 31-year-old has been arrested after he barged into a home wearing a gorilla suit, and scared a young girl who was sitting inside.The incident occurred Sunday afternoon in Mt. Juliet, Tennessee.Officials say Richard Muzick snuck into the home through the backdoor where he eventually encountered the young girl.  He then attempted to flee the scene but was confronted by a resident who realized that Muzick had just came from inside the home.Muzick was able to get away initially but was later captured by police a few blocks away from the scene.When authorities questioned Muzick about the incident, he told them that he was looking for someone and thought he entered another home.He has since been charged with aggravated burglary.last_img

Rep. John Katko releases statement calling for NCAA to reconsider Syracuse University sanctions

first_imgTwenty-six days after the NCAA released its report into Syracuse University, Rep. John Katko (R-Syracuse) released a statement calling for the NCAA to reconsider the sanctions imposed on SU.The NCAA released a 94-page report on March 6 outlining violations including student-athletes receiving impermissible assistance from tutors and mentors, the university failing to comply with its own written drug policy and a lack of institutional control. Sanctions handed down on the university included a vacation of men’s basketball and football wins, and a loss of 12 men’s basketball scholarships over the next four years.Katko condemned the loss of the scholarships in a letter sent to NCAA President Mark Emmert earlier this week and noted the importance of SU’s men’s basketball program to the central New York economy, according to the release.In the letter, Katko also made note of the length of the investigation, which began in 2007 and expressed concern that the NCAA standards are not applied uniformly nationwide, according to the release.“While I understand and agree that Syracuse University must take responsibility for any misconduct, the sanctions imposed by the NCAA do the most harm to students,” Katko said in the letter. “By barring opportunities for future student-athletes to receive a college degree, the NCAA directly contradicts its goal of promoting higher education opportunities for all students.”AdvertisementThis is placeholder textLast month, Katko called for greater transparency from the NCAA and pledged to support efforts in Congress to make necessary changes to benefit student-athletes.“Congress plays an important role in the oversight of higher education, and I share the NCAA’s goal of preventing the recurrence of events that led to the imposition of sanctions on Syracuse University,” Katko said in the letter. “But these harsh sanctions only harm innocent student-athletes and demean an incredibly loyal and successful coach.”A call to Katko’s office was not immediately returned. Comments Published on April 1, 2015 at 4:07 pm Contact Justin: [email protected] | @jmattingly306 Facebook Twitter Google+last_img read more