Superannuation benefits
By law, your employer currently has to pay 7% of your wage or salary into a superannuation fund or a retirement savings account. This will go up to 8% after 1 July 2000. You may add to your superannuation fund on your own and, in certain circumstances, these contributions are exempt from tax.
Industrial tribunals have jurisdiction to provide for lump sum payments in respect of superannuation not later than the date of termination of employment. New South Wales Commission has additional jurisdiction to order recompense in respect of lost superannuation benefits resulting from termination of employment. Federal, New South Wales, Queensland and South Australian tribunals may order employers to pay amounts of superannuation due under awards.
Employer contributions to superannuation funds were adopted as wage fixing principle in 1986 to give workers share of increased productivity in form of genuine retirement benefit - not a blanket prescription, case by case approach adopted - first available only by consent but from 1987 available by arbitration after conciliation has failed. Superannuation contributions now standard award obligation from 1992, and Superannuation Guarantee Scheme requires all employers to provide certain level of superannuation support on behalf of employees. Superannuation Test Case sought to resolve issue of Commission's power in light of Superannuation Guarantee Charge Act.
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