Early super payments reach $13.5b

9 June 2020
| By Jassmyn |
image
image
expand image

The Government’s early access to superannuation scheme has reached payments of $13.5 billion since the program started in late April to the end of  May, according to data. 

The scheme, to help members in financial hardship due to the COVID-19 pandemic, had paid 1.81 million members, Australian Prudential Regulation Authority (APRA) data found. 

APRA said the average payment was $7,473 and that it took an average 3.3 business days to pay an application with 95% of applications paid within five business days from the data the super fund received the application from the tax office. 

“Over the week to 31 May, superannuation funds made payments to 177,000 members, bringing the total number of payments to 1.8 million since inception,” APRA said. 

“The total value of payments during the week was $1.3 billion, with $13.5 billion paid since inception.” 

The fund that had made the most amount in payments was AustralianSuper at $1.8 billion, followed by Sunsuper at $1.38 billion, Hostplus at $1.29 billion, REST at $1.23 billion, and CBUS at $764 million. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transf...

3 days 12 hours ago

The International Monetary Fund (IMF) has issued a sobering assessment of the global economic landscape in its latest World Economic Outlook, dramatically revised after D...

3 days 14 hours ago

Growth from the listed company’s key businesses has propelled Generational Development Group to new milestones in the three months to 31 March....

3 days 14 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND