To put it simply, your superannuation fund is your retirement savings fund.
Every pay period, your employer must set aside a percentage of your pay into the fund and over time with some handy investment and compound interest your super will grow. Then when you reach the “age of preservation” - also known as “the age at which you can access all those sweet savings” – you can start taking money out of the fund and living your retirement dreams.
Devastatingly not all employers abide by the law - too many employers simply don't pay superannuation and that's illegal. It overwhelmingly impacts young workers and that means that you could be left struggling to buy food and pay rent in retirement.
In the last 2 years alone the Young Workers Centre have supported workers to win back over $220,500 in unpaid superannuation.
This event is part of Victorian Law Week.