Non-super employee savings initiative
The concept is simple but the legislation on promoting financial products at the workplace are a minefield of snowballing regulations. Whilst in theory, employees could individually arrange their own non-super savings plans by periodical debit from the bank account, few do. The great power of superannuation as a savings medium is that it comes from payroll before it becomes available to spend in the bank account.
Financial Demographics made an in-depth study of the potential for group employee savings plans in a report completed in 1997. Now it appears there is an attempt being made to get this going by industry funds according to an article in today's Sydney Morning Herald.
Posted Tuesday, 19 February 2002
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