The introduction of legislation requiring super to be paid on payday is a crucial move that will make a significant difference to the retirement incomes of older Australians, COTA Australia says.
The Federal Government today introduced legislation that will require employers to pay their employees’ super at the same time as their salary and wages.
Chief Executive of COTA Australia – the leading advocacy organisation for older people – Patricia Sparrow, said older Australians will now look to Parliament to pass the legislation quickly.
“Timely super payments mean more Australians can look forward to financial independence and dignity in their later years,” Ms Sparrow said.
“Every missed or delayed super payment compounds over time – and for older Australians, that can mean the difference between comfort and hardship in retirement.
“As Australians live longer and healthier we need to ensure the retirement phase of superannuation is set up to better support older Australians.
Ms Saprrow said the move will benefit all Australians, including women and our more vulnerable who can often work in lower paid, insecure work
“This reform closes a loophole that has cost workers thousands over their careers. Paying super at the same time as wages is fair, transparent, and long overdue,” Ms Sparrow said.
“Australians work hard all their lives – they deserve a system that values their contribution and pays what they’ve earned, when they’ve earned it.”
“We’ve been calling for this for years because we know the difference it makes. We welcome the Government’s leadership in making super payments fairer and more transparent and we’re looking forward to the legislation passing swiftly through Parliament.
“Of course this won’t solve all the problems people face when it comes to retirement income, but it’s a common-sense change that will benefit help more Australians retire with dignity, like they deserve to.
Media contact: Tamara Kotoyan, 0430 291 890 or Alana Mew, 0419 929 722