Time to Move on Workplace Super

MEDIA RELEASE

18 December 2003

Time to Move on Workplace Super

The Retirement Income Report 2003 highlights the importance of employment-based retirement savings, the key role of unions, and recommends the establishment of a workgroup to get some savings proposals up and running, Council of Trade Unions economist Peter Conway said today.

The Periodic Report Group, set up to review the system of private provision for retirement, released its report today. (Friday, Dec 19)

Peter Conway said that other important elements of the report include the observation that employer contributions make a real difference to retirement savings for workers, that education in the workplace on retirement savings is vital, that equity in retirement savings supports closing the gender pay gap across the labour market, and that a lump sum bonus could kick start retirement savings.

The report also supports a wider application across the state sector of the recently announced government retirement savings scheme.

ENDS

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