Australian Unions have recently sent out lots of information relating to changes to super annexation – read more below and at the Australian Super website.
Removal of $450 threshold a huge win for working people
After years of campaigning by the Australian union movement, the Morrison Government has finally introduced legislation to remove the $450 minimum threshold for superannuation guarantee contributions.
That means that from 1 July 2022, all workers will receive super for any amount they earn.
Previously, workers had to earn a minimum of $450 per month before receiving super contributions from their employer.
This change will benefit our most disadvantaged workers the most: women, Aboriginal and Torres Strait Islanders and low-income earners in insecure work.
Years of campaigning by workers and their unions have led to this achievement, which marks a significant step towards workers being paid super on every dollar earned.
Despite our win, the fight for essential improvements to the system will continue. It is high time for the Morrison Government to make changes to ensure that superannuation is paid on parental leave and to increase the superannuation guarantee to 15%.
Your Future, Your Super changes from 1 November 2021
Let’s not forget the significantly-flawed Your Super, Your Future Bill that the Liberals, partnered with One Nation, passed back in June.
From 1 November 2021, every worker who has a super fund will be ‘stapled’ to that fund. That means that when you start a new job, rather than your super going with you, you will be tied to your first fund unless you make a choice otherwise.
The consequences? Workers will be worse off, stuck in under-performing, for-profit, bank-owned funds that have high fees and deliver big profits to shareholders.
Read more about the deal between the Morrison Government and the big banks that’s jeopardising your future.
Your best defence at work? Joining your union.
All union members get access to advice and legal representation if things go wrong in the workplace. Whether harassment, unfair dismissal or underpaid super – your union membership ensures you have support when you need it.
But union membership is so much more than just individual protection – it’s about being part of a movement that drives positive change in the workplace and broader society.
And together, we’re driving positive change for Australian workers’ retirement and financial security. Our win of removing the $450 threshold is just one step.