Innovative Proposals on Workplace Super

"The 'Harris' Report on Workplace Savings has made some innovative recommendations to address low levels of savings and high levels of debt," Council of Trade Unions economist Peter Conway said today.

The recommendations on modernising the regulatory requirements, establishing a central registry and collection system, using the tax system to calculate standard payments, and applying an opt-out rather than opt-in arrangement all add up to a significant reform package.

There would need to be incentives to make sure that schemes under this set of proposals were successful, Peter Conway said.

"In addition, we need to see wages rise and a greater willingness from employers to make contributions before workplace savings will really lift off."

The CTU was encouraging employers to take a positive approach to this report as the group had gone to considerable lengths to take employer concerns on board.

"We will now carefully analyse these recommendations and address in particular such issues as the length of time before a worker can opt out, the application of the proposals to firms with fewer than five workers, and the incentive options."