Super, what's in it for me?

THERE have been some big changes to superannuation lately, and it's important to keep up – so where have we come from and where are we headed?

Australian unions had a big win in 1983 when they achieved a national superannuation scheme for all workers, as before this only some got retirement benefits. The scheme was reformed in 1992 by the Keating Government to set it on a path to be one of the best retirement schemes in the world. In 2014 the Rudd-Gillard Government set out to make it even better with a plan to increase employer compulsory contributions from 9% to 12% to keep up with the cost of living. This should've happened by 2019 but Liberal governments pushed that out until 2026. In July 2021 we had the first increase since 2017, with the Superannuation Guarantee Contribution raised to 10%, so check your pay slip and make sure yours has been increased. An issue with our super has been that if you earnt less than $450 in a month, you weren't entitled to the SGC because of your low income. People with other duties that meant they couldn't work much – domestic, caring etc – or those who could only find a small amount of work didn't have the same right to accrue savings for their retirement. This disproportionately affected female and migrant workers in what the government calls ‘low or unskilled-jobs’. Unions like HACSU fought beside the ACTU to get this removed and the government recently caved to our pressure and legislated so all workers will receive superannuation as of July 2022 no matter how little they earn. Another problem was that if you didn't tell your employer who your super account was with you could end up with a handful of accounts, paying fees on each, and possibly losing track of your money. Since November 2021 employers must check with the ATO to see if a new employee has a ‘stapled’ superannuation fund before creating one for them, so tell the ATO which account you want to be used as your stapled fund. We recommend seeking financial advice from a licensed professional so you can make the right decision for your circumstances. We have come a very long way but there's still some way for us to go. Our system still has some inherent inequality between the retirement savings of women and men. One easy way to help address this, which most economists recommend and most unionists agree with, is to provide superannuation contributions for parents who take parental leave. Check your super now and then to make sure your employer is keeping up with the changes and making the right contributions.