“This increase in your superannuation payments will entail a difference in your take home pay of about $4 to $8 per week for most of you,” the email stated. Telstra’s enterprise agreement includes all non-senior management employees in Australia, and the 10% superannuation has been incorporated since 2015, he noted.
“In accordance with the new legislation, our top managers and executives who are not covered by the EA will have their 9.5 percent super contribution increase to 10% on July 1,” he added.
According to an AGL spokesperson, the firm constantly analyses market trends, economic conditions, and corporate performance to decide how the increased superannuation guarantee contribution would be utilised.
“AGL workers will be affected differently by the latest increase, depending on their compensation provisions and kind of superannuation fund.” The great majority of Australian businesses have been cautioned that forcing workers to fund superannuation increases out of their own pockets by cutting their wages is unlawful. ANZ bank was another company that sent letters to staff informing them that their take home pay could be “reduced slightly”.
“An employee earning $100,000 per year will experience a $10 per week cut in their after-tax pay. This money will be sent to their selected superannuation at a 15% tax rate, resulting in a $13.60 after-tax increase.”
He also said that the ANZ has a 30 September year end, which differentiates the timing of the superannuation guarantee rise from their own salary review cycle.
“Any external factors, such as changes to the superannuation guarantee,” he said, will be included into the annual performance and remuneration process later in the year.
“A commitment to ensuring that our pay structure is fair and equitable for our worldwide workforce, which is dispersed across more than 30 countries, is also a key element of our remuneration strategy.”
General Advice WarningAny advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.