Superannuation slashed as workers have wages cut

Federal Government will allow 65 and 66 year elders to make voluntary superannuation contributions without meeting the current work test. Source: SBS

Superannuation funds could be drained by as much as $100 billion as companies slash wages and force workers out of long-standing enterprise agreements to deliver better returns for shareholders, a union-commissioned report has found.The study cites wages theft, wage freezes, reduced penalty rates and cancelled workplace deals as factors diluting the overall superannuation pool, which could ultimately mean smaller retirement nest eggs for some Australian workers.More from Themis Kallos and Sotiris Hatzimanolis.

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