POWERED BY MOMENTUM MEDIA
AIST defends keeping super on payslips
Superannuation should continue to be compulsorily included on employee pay slips, according to the Australian Institute of Superannuation Trustees (AIST).
The AIST has responded to a Treasury paper proposing the removal of the requirement to argue that superannuation represents a significant and integral component of an employee's total remuneration and therefore justification inclusion in pay slips.
Commenting on the issue, AIST chief executive, Tom Garcia said super was workers' money and including it on payslips should be no different than including details of take-home pay.
Further, he said he believed inclusion of such information was important part of the transparency of compulsory super system.
Garcia said that including superannuation contributions on payslips empowered workers to ask questions of their employers and hold them accountable to legal requirements.
He cited recent research showing there were still a significant number of employers who were not meeting their superannuation guarantee and claimed that a payslip was an important tool to keep employers honest and remind employees of their entitlements.
Recommended for you
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
