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 regulator has fined two super funds for misleading sustainability and investment claims, citing ongoing efforts to curb greenwashing across the sector.
Super funds have extended their winning streak, with balanced options rising 1.3 per cent in October amid broad market optimism.
Introducing a cooling off period in the process of switching super funds or moving money out of the sector could mitigate the potential loss to fraudulent behaviour, the outgoing ASIC Chair said.
Widespread member disengagement is having a detrimental impact on retirement confidence, AMP research has found.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
