Millions of workers are missing out on superannuation or failing to gain enough superannuation to secure a decent retirement, sparking calls for the entire system to be overhauled.
By law, employers in Australia must pay superannuation to any employee who earns more than $450 a month but 1 million workers in Australia are classed as independent contractors, and are mostly ineligible for compulsory superannuation.
The coverage of the superannuation system is being undermined by the rise in workers not classed as employees and ineligible for compulsory employer-funded superannuation, unpaid superannuation and a significant share of the workforce in low-paid or insecure work.