From July 1, the "superannuation guarantee" rate will increase from 11.5 per cent to 12 per cent. That means an amount equivalent to 12 per cent of your ordinary earnings should be paid into your super fund by your employer. Australia’s retirement saving system is mandatory, and the funds controlled by the sector are set to surpass the UK and Canada within the next five to seven years to become the second-largest pool of retirement savings in the world, despite our small population. But not all employers are paying super contributions as they should. Workers are missing out on about $5 billion a year according to analysis of ATO data by Super Members Council. More than 80 per cent — several billion dollars annually — of unpaid superannuation goes unrecovered, and the authority in charge, the Australian Taxation Office, rarely penalises employers who do not pay it. A 2024 report by the council calculates that 2.8 million people are failing to receive their full super entitlements each financial year, with the average underpayment per affected worker being $1,810.
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