A major report showing how the superannuation system is geared to disadvantage mothers is calling on employers and the government to boost contributions for workers falling below an "accumulation pathway" of minimum balances required to fund a basic living standard in retirement.
A Senate inquiry has recommended that existing legislation be strengthened to capture entities ultimately responsible for unpaid super in much the same way that powers to pursue and penalise franchisors and holding companies held liable for unpaid wages stand to be bolstered under proposed changes to the Fair Work Act.
A court has found an employer underpaid a worker by more than $230,000 because it "recklessly disguised the true legal nature" of a 20-year-plus employment relationship by classifying him as an independent contractor.
The Productivity Commission has called for the assessment and approval of default superannuation providers to be removed from the award system and the oversight of the Fair Work Commission.
The Commonwealth Bank has pledged to meet any shortfall in superannuation obligations owed to thousands of part-time workers, after being queried by the FSU.
Fair Work Commission President Iain Ross has revealed he has asked the Abbott and Turnbull governments four times to clarify its plans for the stymied review of default superannuation funds.
The FWO should given the same power the ATO has to recover unpaid super from employers, according to a new report commissioned by industry funds that estimates companies are underpaying compulsory entitlements by at least $3.6 billion a year.
The Turnbull Government has confirmed today that it will re-introduce legislation to require industry super funds to have at least one-third independent directors, including an independent chair.
One of the architects of the $2.1 trillion industry super fund movement, Garry Weaven, has warned that it must remain true to its roots and maintain its "members first" ethos even though it increasingly run by financial services professionals.
