For anyone earning the minimum wage compulsory super is no more than a tax on the poor. It is designed to prevent the poor from getting out of poverty when inflation is taken into account. It ensures if your paying off a house/loan that the banks can continue to collect interest for many more years than would otherwise be necessary if you were making higher repayments. Most likely if you are on the minimum wage for your working life you will get a pension anyway, but maybe just a bit less than a full pension.
Basically compulsory super was introduced because governments didn't trust poor people to manage their own finances so they legally take earnings out of your pocket (pay) to stop you spending it unwisely and then give you your own money back via a pension in later years.
People who are better off financially use other vehicles to achieve financial independence, and yes at the expense of those poorer in the community.
Compulsory Super should never have been legislated for people on the minimum wage or less.
- Forums
- ASX - General
- Proposal to abolish refundability of Franking Credits
For anyone earning the minimum wage compulsory super is no more...
- There are more pages in this discussion • 7 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
Previous Video
Next Video
SPONSORED BY The Market Online