Advertisement
Some of the biggest superannuation funds are proposing the Morrison government hands out $5000 to low-income earners for retirement after one million young workers cleared out the majority of their super to stay afloat during the coronavirus pandemic.
The futures of young workers who have lost livelihoods and career paths during the coronavirus-induced recession have sparked global concern. Unions and super funds are warning this cohort needs special attention from the federal government.
The economic recovery from the coronavirus pandemic is under way, but workersâ groups fear youth will bear the scars.
Credit:
The Australian Institute of Superannuation Trustees pre-budget submission requests a federal government contribution into super of up to $5000 for those earning less than $39,837 who withdrew money from their retirement accounts last year. AISTâs members include major funds managing billions of dollars of assets like Australian Super, Hostplus, Cbus and Hesta. The lobbyists will also encourage the Morrison government to continue with the legislated plan to increase the compulsory super rate from 9.5 per cent to 12 per cent by 2025.