Superannuation confusion - Defined Benefit employees and Super guarantee
As late as last Friday, Telstra have clarified that, despite some words in official "Comms" that the future Super guarantee (proposed 0.5% in June 2021 and June 2022 ) will not appear in Defined Benefits staff Fixed Remuneration amounts (if the super guarantee increases are resumed by the federal government).
Clarification from Darren Fewster is as follows:
"Here is the detail shared with me by Rem and (after reviewing a bit more closely) I will ensure people are updated on Corp Comms:
Do the superannuation changes operate the same for people in a Defined Benefit Fund?
If you are a member of a Defined Benefit superannuation plan, the Government's proposed changes to minimum superannuation contributions will not affect the calculation of your superannuation entitlements. The superannuation guarantee legislation does not apply to Telstra's contributions to Defined Benefit superannuation.
As your superannuation does not change in July 2022, your Fixed Remuneration will also not change as a result."
No support for this wage outcome? Vote NO - it's your last chance to improve the offer.
Given this significant difference between what Telstra have offered and the ever increasing cost of living, the Victorian T&S Branch, NSW T&S Branch and the Victorian P&T Branch cannot, and will not, support the EBA with its present wage outcome. Telstra can certainly do better than what it is offering in terms of wage outcome. Enough of these "crumbs off the table" from an employer who has gained incredible productivity numbers from a massive downsizing of its workforce. Put a decent improved wage offer on the table and we may reconsider our position.