HayesJupe's Blog

January 13, 2012

Vent #3 – Superannuation

Filed under: Evil people — hayesjupe @ 5:53 pm

Just quickly for those of you that aren’t Australian…. Superannuation is equivalent to what your country may call a pension scheme.

Super in Australia has a 9% compulsory contributuion rate by the employer…. i.e. i have to pay 9% over and above my employees salary into a super fund on their behalf.

Now, i, and others, can see why the government introduced this. It massively increases the countries saving base, it reduces the government pension burden in the future if people can pay for themselves in retirement (as obviosuly most people dont bother to plan for this)

The reality of it ofcourse is massively different…. as an employer, super is a fucking pain in the arse…. the organisations you have to pay super into are red-tape loving congolermate monsters who love to make it difficult to fufil your obligation to pay employee super.

As a recipient of super – i have absolutely no confidence that my money is being managed well, the 9% additional of my yearly salary that is

1) being managed by the same type of people that packaged toxic mortgages as AAA securities and sold them off around the world

2) is at least 30 years away… i have no confidence that my money will still there in 30 years… between greedy corporate fucks and incompetent governments wanting to get their hands on as much as my money as possible so they can fritter it away… i think the chances are slim

3) If its my money, why the fuck aren’t i in control of it ?

4) Im financially competent. I get the many people in society are not, but why the fuck should i suffer because some people dont understand that spending more than you earn is bad ?

I understand why super is there….. but i still hate it.


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