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Articles for Superannuation

Madhya Pradesh High Court Monthly Digest: November 2024
2 weeks, 4 days ago

Madhya Pradesh High Court Monthly Digest: November 2024

Live Law  

Citation 2024 LiveLaw 282 to 2024 LiveLaw 313 Nominal Index Vijay Singh Yadav v. Bhopal Development Authority & Another 2024 LiveLaw 282 Shivraj Singh Chouhan And Others v/s Vivek Krishna Tankha 2024 LiveLaw 283 Dharamdas Bhalekar versus The State Of Madhya Pradesh And Others 2024 LiveLaw 284 Vikram Sharma versus State Bank of India 2024 LiveLaw 285 Saroj Katariya & …

Madhya Pradesh High Court Supreme Court Court Proceedings Court 2024 State High
Superannuation giant Cbus cancels customer's insurance days before his death
1 month ago

Superannuation giant Cbus cancels customer's insurance days before his death

ABC  

Just 18 days before Russell Wayne Hirst died of a cardiac event in November 2021, Cbus cancelled his insurance policy. Government could legislate to force super funds to respond to claims faster Ms Ferrari-Hirst's case comes as Australia's $4 trillion superannuation industry faces a crackdown from corporate watchdog ASIC after damaging allegations about Cbus. Assistant Treasurer Stephen Jones told ABC …

Insurance Death Financial Customer Service Death Benefits Claims Fund
Is my employer right to deduct tax on leave encashment after my resignation?
1 month, 1 week ago

Is my employer right to deduct tax on leave encashment after my resignation?

Live Mint  

I resigned in August 2024 and received leave encashment as part of my final settlement. While making the payment, the employer deducted tax on the full amount of leave encashment, contending that I had resigned and not retired. Is my employer right to deduct tax on leave encashment, as I understand this is exempt under Section 10? Leave Encashment Tax …

Retirement Tax Employee Leave Leave Encashment Encashment
ASIC puts super funds 'on notice', says delays to death and disability claims are 'widespread'
1 month, 1 week ago

ASIC puts super funds 'on notice', says delays to death and disability claims are 'widespread'

ABC  

The chief executive of industry super fund Cbus has apologised in a Senate committee for the fund's "far from perfect" behaviour, amid warnings from ASIC that all providers should be "on notice" over bad behaviour. After the hearing, deputy chair of ASIC Sarah Court said it was not just Cbus who had done wrong, and all super funds would be …

Court Senate Super Funds Superannuation Hesta Cbus Asic
ASIC taking Cbus Super to court over delayed death and disability payments to over 10,000 members
1 month, 1 week ago

ASIC taking Cbus Super to court over delayed death and disability payments to over 10,000 members

ABC  

The corporate regulator ASIC is taking industry superannuation fund Cbus to court for failing to process more than 10,000 death and disability claims in a timely way. Between November 2022 and February 2023, the issue was brought to the attention of the Cbus Risk Committee, but United Super failed to report the issues to ASIC within 30 days, the corporate …

Court Claims Members Delays Cbus Asic Cbus Super
Foreign secretary Vikram Misri's tenure extended till 2026
1 month, 1 week ago

Foreign secretary Vikram Misri's tenure extended till 2026

Hindustan Times  

The Narendra Modi government on Monday extended the tenure of foreign secretary Vikram Misri till July 14, 2026. “The Appointments Committee of the Cabinet approved extension of Vikram Misri as Foreign Secretary beyond the date of his superannuation on November 30 for a tenure up to July 14, 2026 or until further orders, whichever is earlier, in terms of provisions …

India Foreign Secretary Foreign Secretary Misri Vikram Misri
High Court Allows Partial Appeal on Superannuation Benefits Dispute
1 month, 3 weeks ago

High Court Allows Partial Appeal on Superannuation Benefits Dispute

Live Law  

The Madhya Pradesh High Court partially allowed a writ appeal challenging the Single Judge's order that had directed the appellant to raise an industrial dispute regarding his superannuation benefits. The Court held that when a removal order explicitly grants superannuation benefits, these cannot be withheld by directing the employee to approach the Industrial Tribunal, as the tribunal reference was meant …

Government Law Industrial Disputes Retirement Benefits Indore
More Australians are reaching retirement with a mortgage as first home buyers get older
2 months ago

More Australians are reaching retirement with a mortgage as first home buyers get older

ABC  

Linda Thoresen is dealing with a precarious future. Finance analyst and founder of Digital Finance Analytics, Martin North, said more people were remaining in the workforce for longer because of "a significantly higher mortgage liability than they expected". Mr North said the Reserve Bank of Australia should be looking into this issue because high house prices forced more first home …

Retirement Age Pay Mortgage Older Buyers House Prices
Reforms to strengthen Unified Pension Scheme
3 months, 2 weeks ago

Reforms to strengthen Unified Pension Scheme

New Indian Express  

On August 24, the Union cabinet approved the Unified Pension Scheme, a significant step towards providing government employees a secure and assured pension after retirement. Over the last few years, the opposition has highlighted the dissatisfaction of government employees with the National Pension Scheme, commonly known as the New Pension Scheme. First, assured pension of 50 percent of the employee's …

Government Employees Scheme Ups Nps Minimum Service Unified Pension
One in four workers missing out on being paid their superannuation for retirement
3 months, 3 weeks ago

One in four workers missing out on being paid their superannuation for retirement

ABC  

Australia's $3.9 trillion super system is failing to deliver financial security in retirement to millions of Australians. Over nine years, the analysis suggests that Australians have missed out on $41.6 billion in unpaid super, with women, people in insecure work, migrant workers and younger workers more likely to have been unpaid. The analysis shows men comprised 56 per cent of …

Pay Analysis Cent Unpaid Paid Unpaid Super Superannuation
How often should you review your will and estate plans?
4 months ago

How often should you review your will and estate plans?

ABC  

Tara Castle was enjoying school holidays with her children when her husband Joe fell ill. At first, they thought it might just be a bad case of the flu. Ms Hunter says common reasons to review your estate plan include: If someone in an important role in your will dies or becomes unable or unwilling to act If someone named …

Death Estate Joe Important Supplied Super Hunter
ATO moves to claw back $50 billion in debt, but during a cost-of-living crisis it's causing turmoil
5 months ago

ATO moves to claw back $50 billion in debt, but during a cost-of-living crisis it's causing turmoil

ABC  

The tax office is once again perceived as the 'bad cop' on the beat and it's the Albanese government that's given it a mandate to go hard and recoup more than $50 billion in debt owed, most of it by small business. ATO takes 'firmer' action against directors it says owe billions tax and super Photo shows Andrew Christodoulou pic …

Tax Director Workers Debt Small Businesses Billion Businesses
As tax and superannuation debts grow, ATO issues tens of thousands of director penalty notices that could send more people bankrupt
5 months, 1 week ago

As tax and superannuation debts grow, ATO issues tens of thousands of director penalty notices that could send more people bankrupt

ABC  

A day after his 52nd birthday, Andrew Christodoulou got a nasty surprise in the mail. ATO issues more Director Penalty Notices and garnishee notices Financial year DPNs issued Garnishee notices 2018-2019 13,120 18,605 2021-2022 3,160 957 2022-2023 17,459 2,924 July 1 2023 – 29 February 2024 13,454 2,881 The ATO says "firmer debt collection actions" are needed because the agency …

Business Financial Director Penalty Notices Small Businesses Company
Young adults dying without wills can leave family to sort through superannuation, cryptocurrency and the future of pets
5 months, 3 weeks ago

Young adults dying without wills can leave family to sort through superannuation, cryptocurrency and the future of pets

ABC  

When Quintin Bowen died suddenly in his early 30s without a will, it left a complicated legal mess for his grieving mother that took more than five years to sort out. Ms Blay says the distribution of Quintin's estate would likely have been completed in less than a year had he prepared a will and nominated beneficiaries for his superannuation …

Death Parents Money Young Young People Estate Need
Tax office urges more than 4 million Australians to track down $16b in lost, unclaimed superannuation
6 months ago

Tax office urges more than 4 million Australians to track down $16b in lost, unclaimed superannuation

ABC  

In short: The tax office says there is $16 billion in lost and unclaimed superannuation in Australia, and 23 per cent of working Australians have more than one account. Super stapling Mr James said the next generation of workers will be less susceptible to having multiple super accounts since the federal government introduced super stapling in 2021. A spokesperson for …

Financial James Lost Queensland Unclaimed Super Super Funds
Fresh appointments, several lateral shifts in Centre’s bureaucratic reshuffle
6 months, 3 weeks ago

Fresh appointments, several lateral shifts in Centre’s bureaucratic reshuffle

Hindustan Times  

In a major bureaucratic reshuffle involving fresh appointments and lateral shifts at the secretary level, the Union government on Monday appointed senior Indian Administrative Service officer Pradip Kumar Tripathi as the secretary to the Lokpal of India. Border management secretary Raj Kumar Goyal, a 1990-batch AGMUT cadre IAS officer, has been appointed as secretary, department of justice under the ministry …

Officer Ias Secretary Mcc Cadre His Superannuation Fresh Appointments
UniSuper members worried about superannuation balances as provider outage enters 7th day
7 months, 2 weeks ago

UniSuper members worried about superannuation balances as provider outage enters 7th day

ABC  

In short: An outage to UniSuper's online system has reached its 7th day. UniSuper customers want answers from the industry super fund manager about whether their balances are safe and how a week-long outage happened. Some of UniSuper's 630,000 members say they have had sleepless nights wondering whether they have lost their money put away for retirement as the superannuation …

Customers Super Google Cloud Its 7Th Day Unisuper Mr Heath Outage Members
Queensland public servants to get paid leave for reproductive healthcare
7 months, 2 weeks ago

Queensland public servants to get paid leave for reproductive healthcare

ABC  

In short: Queensland public servants will receive 10 days paid leave for reproductive healthcare and superannuation for all parental leave. Queensland public servants will receive 10 days paid leave for reproductive healthcare and superannuation for all parental leave. Queensland public servants will soon receive 10 days of paid leave to access reproductive healthcare including IVF and fertility treatments, care for …

Health Women Reproductive Health Public Servants Public Paid Leave Reproductive
Why Shouldn't Ayurvedic Doctors Have Same Retirement Age As Allopathic Doctors? Supreme Court Asks Rajasthan Govt
7 months, 2 weeks ago

Why Shouldn't Ayurvedic Doctors Have Same Retirement Age As Allopathic Doctors? Supreme Court Asks Rajasthan Govt

Live Law  

The Supreme Court on Friday issued notice on a petition filed by the State of Rajasthan against the Rajasthan High Court order directing grant of enhanced superannuation for Ayurvedic Doctors at parity with Allopathic ones. "Today we are valuing the Ayurvedic Doctors, why should it be that the Ayurvedic doctors don't retire at the same age as Allopathic doctors?.ultimately they …

Rajasthan Supreme Court Court Age Order Doctors State
Blatant Violation: Karnataka HC Directs Payment Of Benefits To Retd Govt Employee Who Was Denied Pension Without Inquiry, Imposes ₹1 Lakh Cost
9 months, 1 week ago

Blatant Violation: Karnataka HC Directs Payment Of Benefits To Retd Govt Employee Who Was Denied Pension Without Inquiry, Imposes ₹1 Lakh Cost

Live Law  

The Karnataka High Court has come to the aid of a former employee of Hubli Electricity Supply Company Limited on whom the company imposed a huge recovery of Rs 86,52,163 and even 11 years after superannuation, denied him a pension and other terminal benefits. It is not paid on account of recoveries against the petitioner all of which have been …

Recovery Pension Inquiry Company Kar Petitioner 11 Years
Menopause costing thousands of women tens of thousands of dollars in lost super
9 months, 2 weeks ago

Menopause costing thousands of women tens of thousands of dollars in lost super

ABC  

Kerry McNamee is a committed human resources specialist who, throughout her career, had a mission to build diversity, inclusion and understanding in the workforce. Women lose tens of thousands in retirement savings through menopause Research by the Association of Superannuation Funds of Australia mirrors Ms McNamee's story, and shows women transitioning through menopause stand to lose an estimated $60,000 in …

Career Menopause Retirement Women Work Her Career Super
What are the alternatives to using interest rates to tackle inflation? We put your questions to economist Saul Eslake
10 months, 3 weeks ago

What are the alternatives to using interest rates to tackle inflation? We put your questions to economist Saul Eslake

ABC  

Daniel Wigg doesn't drink alcohol anymore. "Although, like interest rates, it would leave older people unscathed," Mr Eslake said. Saul Eslake says lifting income tax was a common way of responding to high inflation in the 1950s and 60s, but "no government would want to do that now". Mr Eslake also said interest rates were kept "too low for too …

Inflation Income Tax Interest Rates Interest Covid Cent Rates
Senior IPS officer Daljit Singh Chaudhary appointed SSB chief
11 months ago

Senior IPS officer Daljit Singh Chaudhary appointed SSB chief

Hindustan Times  

The Centre on Friday appointed senior Indian Police Service officer Daljit Singh Chaudhary as the director of general of the Sashastra Seema Bal, an official order said. Daljit Singh Chaudhary’s appointment has been approved for a period up to November 30, 2025 i.e. the date of his superannuation The appointment of Chaudhary, a 1990 batch IPS officer of Uttar Pradesh …

Ips Appointment Chaudhary Ssb His Superannuation Daljit Singh Chaudhary
Radical solution to help millions of struggling Aussies pay off their mortgage after aggressive interest rate rises
1 year ago

Radical solution to help millions of struggling Aussies pay off their mortgage after aggressive interest rate rises

Daily Mail  

A Liberal senator is calling for Australians to be able to put their superannuation into an offset account so they can handle rising mortgage rates. The Reserve Bank's 13 interest rates rises in 18 months have caused monthly mortgage repayments to surge by 69 per cent. With variable mortgage rates now approaching seven per cent, Liberal senator Andrew Bragg has …

Bank Mortgage Cent Interest Rate Bragg Liberal Senator