Workers received no pay rise after the last SG hike was scrapped: ISA

Freezing the superannuation guarantee (SG) in 2014 failed to deliver higher wages for workers and could cost the average full-time worker $45,000 at retirement, according to new research.

Months after Prime Minister Scott Morrison said he would “carefully consider” whether to go ahead with the legislated plan to lift the SG as scheduled in July 2021, Industry Super Australia (ISA) has released analysis showing workers didn’t receive any wage increase after the last hike was abandoned.

Then prime minister Tony Abbott scrapped the increase – which would have taken the SG to 10 per cent of wages on 1 July 2015 and 12 per cent of wages by 2019 – on the basis that it would put more “money in workers’ pockets”.

But ISA analysed 8370 enterprise bargaining agreements (EBAs) before and after the freeze and found “the promised wages boost never materialised and workers sacrificed their super for nothing in return”.

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First published on www.thenewdaily.com.au and republished with permission from The New Daily. For the full article visit The New Daily website.