Profit-for-member fund Rest has estimated that up to 260,000 of its members are now receiving their full super entitlements due to the removal of the monthly income threshold of $450 on 1 July 2022.
Its analysis also found women made up 64 per cent of the 260,000 members.
Before 1 July 2022, employers were not required to pay superannuation contributions to workers earning less than $450 per month.
Rest’s analysis also found:
- Around 168,000 members (64 per cent) were women, and 94,000 were men. (By comparison, women make up 59 per cent of its total membership.)
- Around 180,000 of the 260,000 were existing members who earnt additional contributions that they were previously unlikely to receive. Approximately 80,000 were new members, some of whom were unlikely to have otherwise received any contributions.
- More than 11,000 inactive accounts were also reactivated, and these members, therefore, continued to accrue investment returns on their retirement savings.