Four Corners - Super Risk
Super Risk: The millions of Australians missing out on superannuation.
Australia's superannuation retirement savings pool is enormous. At two and a half trillion dollars, it's one of the largest in the world. But there are fears that even that huge sum of money won't be enough.
Millennials are entering a very different workforce from the one that existed 30 years ago when compulsory superannuation was adopted. The rise of the gig economy, with work fuelled by apps that summon drivers, deliveries and all kinds of freelance workers, has seen more than a million workers operate in a netherworld where they are not paid traditional entitlements like superannuation. In the broader economy, it's estimated that between three and six billion dollars' worth of super entitlements per year are not being paid. In some cases workers are being blatantly ripped off by employers who have failed to pay their superannuation entitlements.
Despite changes to strengthen the law, there are still sharp practices in the industry which are dudding consumers. Now there are calls to take a fresh look at super and make some major reforms to avert financial disaster for the next generation of Australian workers.
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