AusFinance

979 readers

6 users here now

founded 1 year ago

MODERATORS

[email protected]

Workers paid on ‘including super’ basis may get a shock on July 1 (www.afr.com)

submitted 1 year ago by [email protected] to c/[email protected]

4 comments fedilink hide all child comments

Got an email from payroll on Friday. Legislated super increase will be decreasing my take home pay come July. PSA to all the rest of you on TFR contracts.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 8 points 1 year ago* (last edited 1 year ago) (1 children)

"Including super" is such a rort. For anyone taking on a new contract between now and 2025 (when the super guarantee increments stop), PLEASE negotiate for a "before super" contract.

E.g. If you've been offered $80k including super, negotiate for (80,000 / 111 * 100) == $72,072 excluding super.
This means that if in the next 2 years your pay is stagnant, you would end up with (72,072 * 112/100) == $80,720 -- a whopping $720 more towards your super, come July 2025

[–] [email protected] 6 points 1 year ago

The government should really just close the loophole.