Across October, we’ve been slowly introducing you to a new campaign we’re set to launch early next month We Stand for Super.
If you follow us on Facebook, you may have already caught a glimpse of the campaign, which aims to align HACSU members’ superannuation deposits with pay cycles. Whilst most Australians are paid fortnightly or monthly, employers are only legally required to make quarterly superannuation payments. If super payments were aligned with salary payments, workers would benefit from the increased compounding of investment returns and retire with more money.
For example, a full-time worker on an average wage, from age 20 to 67 could earn an extra $12,475 by their retirement if their contributions were paid fortnightly instead of quarterly .
Increasing the frequency of super payments from quarterly to fortnightly would result in an estimated increase in balance at retirement of $3,400 (in today’s dollars) and an increase in total income in retirement of $3,800 for an individual earning $60,000 p.a.
We’ll be looking to integrate this campaign into all of our Enterprise Bargaining campaigns into the future, including our public mental health EBA campaign which will kick off late this year. By campaigning and awareness raising on this issue, HACSU members will be able to contribute to improving economic injustice, particularly for women who currently retire with far less superannuation than men.
Watch our news and Facebook pages for information about how you get involved in this campaign – together We Stand for Super!
 Industry Superfund Australia, Analysis of ATO Data, February 2019
 Superannuation Guarantee Policy Modelling, CBUS and Rice Warner, March 2018