Some 40% of employees are unsure if they will see a reduction in their wages as a result of the superannuation guarantee (SG) or if their employer will foot the bill.
According to a survey by CoreData Research, 40% said they were unsure about the increase from 9.5% to 10%, which came into force on 1 July, 2021, and 13% said they knew their salary would be lower. Some 43% said their take-home pay would remain the same.
The knowledge gap was greatest among those under 40 who said they were unaware there were changes to super in place.
The firm said this demonstrated a failure by employers and superannuation funds to keep people up to date with the changes as less than 10% said they had found out from their employers while 6.9% said they had found out from their super fund.
However, over half of survey respondents said they were happy with the SG increase and only 5.9% said they were unhappy.
Founder of CoreData, Andrew Inwood, said: “It will be a surprise for many. Around four-in-10 employees say they do not know about the 1 July SG changes at all, or say they know there are changes but do not know what those changes are.
“This issue is greatest among those aged under 40 where the greatest proportion of employees, around 30% say they do not know about the changes at all.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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