A friend of mine recently discovered he hadn’t been paid super by his employer. He only happened to discover this when he looked at his annual statement and saw that there were no employer contributions for that year.
If your employer doesn’t pay you super, it’s not just the lost earnings you miss out on. The effect of compound interest means you could lose a lot more than the original amount of super you were entitled to over your working life.
My friend thought he was getting paid super as it showed on his payslip. Don’t just assume it is being paid. You need to make sure it’s going into your account. The best way to check is through your super fund. There should be a section in your online account (or paper statement) to check the transaction history of your account, including employer contributions. Or even just ask your super fund for a transaction summary.
The Government are cracking down on unpaid super and liken it to wage theft. Currently, employers are only required to pay super on a quarterly basis. However, there are calls for the payment of super to be paid on the same day as wages, which is typically fortnightly.
If you find out you are not getting paid super, it can be reported to the ATO. There is an online tool via the ATO that can be used. However, it would be good to speak to your employer first, just in case they may be paying it into an old or forgotten account.
At the end of the day, superannuation is your money that you’ve earned. It can make a difference over the long term to ensure a comfortable retirement. Always check your balance and make sure your super is being paid. In my friend’s case, he spoke to his employer and thankfully the issue has been resolved.