Over the years, United Voice and other unions have fought hard to make sure all workers have access to super. We achieved this through compulsory superannuation, which began in 1992.
Superannuation contributions are not taken out of your wages – they are paid on top of your salary. By law, your employer must pay a minimum 9.5% contribution (of your ordinary time earnings) into your nominated or default super fund. This contribution will increase in stages to 12% by July 2025. The next increase of 0.5% is due from 1 July 2021.
Industry superannuation funds
United Voice is a strong supporter of industry superannuation funds. Industry funds are not-for-profit funds run only to benefit members. They have low fees, deliver strong, long-term returns and consistently outperform retail funds (such as those run by the big banks).
Today, more than 5 million Australian workers, including many United Voice members, are members of industry funds. These funds manage hundreds of billions of dollars of workers’ money. All profits go to the funds of members instead of shareholders. Importantly, members have a say in how the funds are run, through employee representatives on the boards of industry funds.
Together industry funds invest in long-term assets like roads, airports, renewable energy and other infrastructure. This helps to deliver higher, long-term returns for members, and also benefits everyone by creating jobs and strengthening the economy. Industry funds are also leading the way with responsible investment by factoring in important environmental, social and governance issues. They also offer members access to low-cost loans and banking services through Members’ Equity (ME) Bank, providing a genuine alternative to the big banks.