Cbus Super Welcomes Progress on Pay Day Super
18 September 2024
MEDIA RELEASE
Attributable to a spokesperson for Cbus Super
Cbus Super welcomes the government making progress toward laws to enforce pay day super after recovering a record of just over $198 million in unpaid super for construction and trades workers during the last financial year.
Cbus is one of the few super funds that proactively collects unpaid super for its members, recovering over $600 million for 667,000 members over the last five years.
A construction worker that misses out on super for a year is likely to end up with less at retirement, because those savings do not get to grow through the power of compound interest and investment returns that worker benefits from in a super fund.
Media enquiries: David McNamara, 0455 144 464, david.mcnamara@cbusuper.com.au
This information is about Cbus and doesn’t take into account your specific needs. You should look at your own financial position, objectives and requirements before making any financial decisions. Refer to Cbus Product Disclosure Statement, Target Market Determination and Financial Services Guide for more information. Call 1300 361 784 or visit cbussuper.com.au for a copy.
Cbus is the leading Industry Super Fund representing those that help build and maintain Australia. As one of Australia’s largest super funds, we provide superannuation and income stream accounts to more than 900,000 members and we manage more than $85 billion of our members’ money (as at 30 June 2023). Our members include workers and retirees, their families and employers. As of April 2022, Cbus merged with Media Super and offers Media Super products. In May 2023 Cbus Super successfully completed its merger with EISS Super, welcoming 17,000 new members and establishing itself as the leading fund for energy and electrical workers in Australia.
Issued 18/09/2024, United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for Construction and Building Unions Superannuation Fund (Cbus and/or Cbus Super) ABN 75 493 363 262.