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Superannuation rules see 87,000 young Queensland workers shortchanged $10,000, researcher reveals

Superannuation rules see 87,000 young Queensland workers shortchanged $10,000, researcher reveals

Read Time:1 Minute, 46 Second

Almost 90,000 Queensland workers may be short-changed on superannuation by $10,000 due to an “outdated” rule.

Researchers scrutinised a rule under the “superannuation guarantee” scheme that workers aged under 18 were not entitled to compulsory contributions unless they worked more than 30 hours a week for the same employer.

According to the Industry Super Fund analysis, approximately 87,000 Queenslanders are impacted by the rule.

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If they were to be paid super, their funds would have been on average $885 better off in the 2023-24 financial year, the research found.

“Extending the super guarantee would mean the average under-18 would benefit from a $2600 increase in their super balance by the time they are 18 years old for work they perform,” the report said.

“This is projected to grow to $10,200 (in today’s dollars) by the time they retire on their 67th birthday.”

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It is believed the rule is in place to protect young workers’ super funds from disproportionately high fees and insurance costs.

But with fees now capped on lower super balances, Industry Super Australia chief executive Bernie Dean believes the rule should be scrapped.

“This is an out-of-date law that discriminates against Queensland’s youngest workers, just as they’re starting out,” he said.

“It’s unfair and the law needs to be modernised.

“Locking thousands of the state’s young workers out of our world-class retirement savings system is not giving them the super start to work they deserve.”

He said scrapping the rule would also remove the “administrative nightmare” of employers needing to keep track of their youngest workers’ weekly hours.

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