Low wage workers to benefit from Australia’s new superannuation law

The Australian government has brought forward a bill in parliament to remove the minimum threshold under which employees do not have to be paid a superannuation guarantee by their employer.

The introduction of the regulation will abolish the current A$450 (US$340) minimum threshold for workers to qualify for superannuation.

“This will remove a structural discrimination that has been part of the superannuation system since 1992, improve equity in the superannuation system and increase the economic security of women in retirement,” said Treasurer Josh Frydenberg, according to 7 News. 

“No worker should miss out on superannuation, and this is an important step to take as more workers are forced to work casual and multiple jobs,” said Assistant Secretary for The Australian Council of Trade Unions, Scott Connolly. 

“No worker should miss out on superannuation, and this is an important step to take as more workers are forced to work casual and multiple jobs,” said Connolly.

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“As women retire on average with half the amount of super than men, to close the gap we must go further, and the government should immediately legislate for superannuation to be paid on employer and government provided parental leave,” he added.