Super is the second biggest employer funded employee entitlement in Australia. Delivered well it can have a positive impact on an employer’s workforce by transforming super funds into a superior employee benefit which can be used to attract, retain, and motivate employees.
Importantly, employers are in a unique position to facilitate the optimisation of their employee’s super funds, by adding value through their corporate super fund. These plans can offer great benefits for employees when it comes to investment options, insurance cover and fees.
When considering the impact of Covid 19 on super, there are broadly three key demographics with very different considerations and aspirations that are being affected by the current crisis.
The first group is retirees, who are currently devastated by the drop in valuation of their super. The second is over fifties who currently make up about 25% of the working population, and finally there is anyone under fifty, a group which currently makes up 75% of workers.
Below we explore the impact on working Australians and the likely outcomes for their superannuation as an employer-funded entitlement.
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