You could also be one of the three million Australian workers who've fallen victim to wage suppression, and it's digging a massive hole in your superannuation. Source: ACTUAn estimated one in four workers, or three million people, have experienced some form of wage suppression, the Consequences of Wage Suppression for Australia's Superannuation System report said. Report author Jim Stafford described wage suppression as a as a time bomb for the superannuation system. The report also estimates the damage to government budgets at between $31 and $37 billion (in real 2017 dollar terms) if current wage suppression measures are allowed to stand. "If allowed to stay in place, wage cuts on this scale produce losses in workers' superannuation savings that can exceed one-quarter million dollars per person," he said.

Source: Huffington Post September 18, 2017 03:11 UTC