One in four workers underpaid retirement pension: find out if you are one of them

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Here’s how to check if you are one of the millions of working Australian people receiving an underpaid retirement pension, and what to do about it if you are.

If you’ve been delaying your superannuation audit for a while now, here’s the motivation you need to do it right now. More than a quarter of Australian workers have been underpaid the retirement pension they are legally entitled to and worked for, according to a new report from Industry Super Australia. That’s 1 in 4 workers, so there’s a good chance you’re one of them.

The report found that nearly 3 million workers get ripped off an average of $ 1,700 in super each year, with young workers and low-income people most at risk. He also revealed that workers in industries such as hospitality, retail and trades were more at risk of missing superpayments.

More than 1 in 3 workers under the age of 30 has been underpaid at some point, as has 1 in 2 workers earning less than $ 25,000 per year. Alarmingly, 40% of blue collar workers such as shopkeepers and laborers have missed superpayments at some point.

You can’t just rely on your payslip to ensure that your employer pays you well. Your employer can withhold your Super Guarantee payments each payday, just like they do with your income tax, but that doesn’t necessarily mean it goes into your Super Account.

a ABC survey found that many Australians missed the super, despite it being included on their payslips. This is why Industry Super Australia Managing Director Bernie Dean is calling for the super to be paid at the same time as salaries, instead of just once per quarter, which is the current rule.

“Super is your money, you should make it paid at the same time you get your salary. By not forcing the payment of super as wages, politicians are preventing millions of people from getting what they are owed.”

“Most employers do the right thing, but they are underestimated by competitors who get away with daylight theft. Paying super with wages is the only way to save money. money to workers and level the playing field for business. “

How to check if you’ve been paid super

You have to look at your super at source, which means checking your real super fund account for payouts. One of the easiest ways to verify your super is to download the app (if your super fund has one) and log into your account on your phone like a standard bank account.

If your fund doesn’t offer an app, you can log into your account through its online portal instead (there should be a sign-in option for members on the fund’s website). If all else fails, you can also call your credit union for help with verifying your account.

But what exactly are you checking? Your employer is required to pay you 10% of your annual income for your super. This is called the retirement guarantee. However, your employer is only required to pay you 4 times a year, so keep that in mind when doing your calculations.

You will be able to consult all your transactions for the past few years, just like a bank statement. It is a good idea to check that contributions have been paid correctly for the past two years, and not just for the current year. If you find out that you have been underpaid, speak to your employer immediately. If you have no luck with your employer, you can raise them with the ATO in an attempt to get your money back.

If you haven’t watched your super in a while, it might be time for a change. Compare super funds to see how your current fund compares and, if you decide it’s time to change, you can easily switch super funds with our 4 step guide.


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