Nurses, childcare, aged care and community services workers will be among the major winners from the government’s proposal to refund contributions tax paid by workers earning less than $37,000 per year.
HESTA Super Fund’s chief executive officer, Anne-Marie Corboy, said around 40% of HESTA members—who work predominantly in health and community services—will benefit from the measures outlined in the government’s proposals for superannuation and tax reform.
“That 40% represents around 300,000 workers, within our Fund alone, who will directly benefit,” Ms Corboy said.
“Our members are mainly women, many of whom work part time and therefore are on relatively low incomes.
A typical HESTA member is around 40 with a median super account balance of $9,000, so they need as much assistance as possible to build their up their retirement nest eggs quickly.
This measure in concert with the proposed increase in SG from 9% to 12% will make a significant difference to retirement incomes with eligible members being up to 44% better off.
HESTA congratulates the government on this public policy change targeting the superannuation members who need it most”. Ms Corboy said.
More information is available at: www.hesta.com.au
17 JUNE 2011