The Australian workforce is constantly changing and adapting, with Prime Minister Malcolm Turnbull claiming that 300,000 new jobs were...
Employment Law ChangesApril 23, 2014
The brewing conflict between the Fair Work Commission (FWC) and the Financial Services Council (FSC) over the way industry employment awards nominate superannuation funds for employees has escalated with the recent shuffle of experts on the superannuation panel.
Last month, the FWC’s president, Justice Iain Ross, cut loose two of the original members of the panel in response to a complaint from the FSC that they had conflicts of interest.
Last week, Ross appointed himself to the FWC’s expert superannuation panel to ensure that it can proceed with its review of default funds under modern awards.
The panel, which is a subset of the FWC and reviews the default funds to be chosen, is meant to have three members who are experts. The default funds are the major recipient of more than $90 billion in compulsory contributions that flow into Australian super funds every year.
*Information sourced via The Australian.