Yep and me :), and it must be pretty frustrating for management...

  1. 366 Posts.
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    Yep and me , and it must be pretty frustrating for management too.
    Remember, the majority of Wrkr's future business is through MUFG, and MUFG have to close the upgraded admin deal first, not Wrkr.
    It is clear from this article (under the heading funds take action) that Australian super continue to reduce their reliability on administrative services from MUFG, most notably in the past 6 months.
    https://www.abc.net.au/news/2024-11-18/cbus-investigation-super-industry/104611836
    and here is an article from Insigna's CEO arguing the virtues of having external admin for Super funds (or be it for a competitor SS&C).
    https://www.investmentmagazine.com.au/2024/12/insignia-plumps-for-outsourced-admin-cuts-quarter-of-headcount/
    There is also a number of professional bodies arguing that Superpay day should be delayed.
    https://www.cpaaustralia.com.au/about-cpa-australia/media/media-releases/industry-and-business-not-ready-for-payday-super
    My concern for all parties is the dwindling time frame to implement Payday super before the deadline of July 1 2026. If that is in fact the start date.
    The work has been done for REST, the trial completed, the delay in moving to production is unfortunate.
    Wrkr is building up HR costs in anticipation of increased business, yet there is no offsetting income to match, so I am expecting weaker financials this quarter, unless services fee are forthcoming to start the implementation and onboarding process for super fund/s occurs.
    This is an interesting phase for Wrkr (and for us investors).
    It has been a culmination of 4-5 years to get to this point and this is the 8th month since the capital raise.
    Patience.....
    Ian
 
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