superannuation

Australia's four big banks plus AMP are ripping off the country's workers with huge fees charged on their superannuation investments, a recent study has revealed.

New research carried out by Rainmaker for Industry Super Australia, a mainly union-backed body, shows that the retail super funds, largely operated by the big banks, absorb about half of all fees charged in the superannuation system, despite holding only 29% of retirement savings.

Commonwealth Bank to repay superannuation

The Commonwealth Bank (CBA) has agreed to repay employer superannuation to more than 7000 part-time workers that was not applied to overtime over the past eight years.

The CBA will repay the superannuation to all part-time workers since 2009, including those who have switched to full-time positions or have since left the bank. The average payment is $180 a year.

The CBA maintains it was not breaking the law by only paying superannuation on ordinary hours to part-time staff rather than extra hours or overtime.

For a long time, superannuation was available only to permanent public sector workers and managerial employees in the private sector. So-called “blue collar” workers were not so privileged. In the mid-1980s, only about a quarter of these workers had access to superannuation, more often than not following union-led campaigns in targeted industries.
The Forbes Billionaires list released last month included almost two dozen Australians in its ranks. Among them was mining boss Gina Rinehart, who has now become the richest person in Australia with a fortune of $17 billion. This placed her 36th in the world, but her net wealth was still double that of her nearest fellow Australian billionaire, chief executive of commodities firm Glencore, Ivan Glasenberg. Also on the list were finance elites, gaming kingpins and several other mining corporation owners.

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