Employers unprepared for SG calculation changes
Mercer Human Resources has completed a research exercise which confirms many Australian employers are not prepared to deal with key changes to the way the superannuation guarantee is calculated.
Mercer first pointed to the problems confronting employers late last year, and this week followed up with research revealing employers were both insufficiently informed and prepared for the changes that will see the superannuation guarantee calculated on ordinary time earnings from July 1, next year.
The survey found 15 per cent of employers were unaware of the changes and that over a third of those surveyed had not even assessed the cost impact on their businesses.
Most of the employers surveyed said they would be absorbing any additional cost, albeit that 70 per cent said they had not factored the impact into their next remuneration review.
Mercer Human Resources chief executive Peter Promnitz said employers needed to start considering the issue.
“Forward planning will help deliver a better outcome for both employers and employees,” he said. “Those that leave it too late will find it harder to implement a phased approach.”
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