The government is also moving ahead with its plan to introduce payday super amid a flurry of law reform for the retirement income sector.
In a suite of new laws released for consultation on Monday, Treasury also proposed requiring employers to make it easy for new staff to keep their existing super funds when they move jobs.at the same time as salaries, come amid a flurry of law reform in the retirement savings sector by the Albanese government.In the consultation paper for the new stapling laws, Treasury said that some employers were trying to circumvent stapling laws and workers’ superannuation was suffering as a result.
“This incentive to encourage active choice has led to an increase in onboarding software that presents employees with funds that have paid to be advertised. These issues can lead employees to make uninformed decisions, open inappropriate products and unintentionally create duplicate accounts.” It also suggested requiring businesses offer stapling as an option for employees from the outset during onboarding, meaning new staff just say if they want to stay with their stapled funds and the employer would then be required to get the required information from the ATO.
Under the payday super proposals, employers would have to pay employees’ superannuation entitlements at the same time as their salaries instead of the current quarterly arrangement.
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