One third of Aussie workers not being paid superannuation by greedy employers: report

Greedy employers are ripping off up to a third of Australian workers as billions of dollars' worth of compulsory superannuation payments were not being processed, a report has revealed.

Released on Monday, the report from Industry Super Australia and Cbus Super found that dodgy employers were failing to pay the mandatory minimum 9.5 percent superannuation to up to 2.5 million Australian workers aged 18 and over who are earning at least 450 Australian dollars (335 U.S. dollars) per month.

The report found employers were choosing to pocket around 2.7 billion U.S. dollars missing from workers' superannuation accounts, and Industry Super Chief David Whiteley said it could affect millions of Australians later in life, when they may find out their superannuation is not enough to give them a comfortable retirement.

"It's disturbing that nearly a third of workers eligible for the super guarantee are being short-changed," Whiteley said in a statement on Monday.

"As pension access tightens and home ownership declines, those missing out on compulsory super stand little chance of a decent standard of living in retirement."

According to the research, workers are on average being ripped off 1150 U.S. dollars per year, something Whiteley said would "add up" over years and eventually decades of non-payment.

"Workers often typically don't know as well," he told the Australian Broadcasting Corporation (ABC). "(1150 U.S. dollars) per year could significantly reduce their final (superannuation) savings.

"The implications are very significant for individual workers, but also for the fiscal position for the government, which uses the taxed funds to reinvest in Australia." Endit