POWERED BY MOMENTUM MEDIA
Commbank promises update on SG underpayments
The Commonwealth Bank has undertaken to provide both the Senate Economics Committee and the Finance Sector Union (FSU) with an update of the remediation and review process it put in place to address the underpayment of the superannuation to some of its staff.
The big banking group used an answer to a question on notice from the chairman of the committee, Queensland Labor Party Senator, Chris Ketter.
The review and remediation process was put in place by the bank after complaints from the FSU that it had not been appropriately paying the superannuation guarantee to part-time workers working additional hours.
The banking group said it would provide both the committee and the union with an update on the progress of the review and remediation, including total payments in relation to reimbursement of superannuation for unpaid additional hours for part time workers.
It said this would occur when the bank had completed its internal review, currently targeted for end of June.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
