The announcement in May 2023 that the federal government is mandating the payment of super on payday, rather than once a quarter, was great news for everyone here at IFS.
Not least our unpaid super team who work, day in day out, to recover unpaid super entitlements for super fund members.
With a shared goal of delivering better outcomes in retirement for all members, we’re thrilled about the benefits that this change should bring. Particularly to those in blue collar, hospitality and retail jobs; to younger workers, those in lower paid, casual and insecure work – and to women who are overrepresented in many of these groups and already retire with around a quarter less super than men*.
But there’s more work than ever for IFS and super funds.
At IFS, we have already seen increased contact from employers and funds requesting information about how to prepare. Similarly, the funds we partner with have reported increased requests from employers for assistance.
IFS has recovered almost $2 billion for super fund members since 1994. It’s a highly specialised service, and our experienced team has worked with all types of employers and sectors. We have the capability and technology to recover unpaid super and assist employers in meeting their obligations, while also protecting your valued employer relationships.
We’re committed to working collaboratively with you to help your fund and your employers prepare for the transition to payment of super on payday. A system that we all hope will bring better retirement outcomes for members.
Contact Alison McIvor, on 1300 001 386 or firstname.lastname@example.org
# Industry Super Australia (ISA) data based on 2013-14 through to 2019-20
* Industry Super Australia (ISA) assumptions in Treasury submission ‘Policy costing: Payday Super’
**Australian Securities & Investments Commission, Australian insolvency statistics, August 2023.