Backpackers left huge provident funds in Australia
Updated on 13 January 2014, 15:33 AEST
Due to the shortage of labor in Australia, backpackers have played an important role in Australia's agricultural production for many years, but many of them have forgotten to take away their pension funds.
Backpackers leave huge unclaimed pension funds in Australia (Credit: ABC)
Australian Taxation Office(ATO) pointed out that non-permanent residents left a total of 5 million yuan in pension funds.According to Australian law, employers must pay a pension fund of 4000% of wages for all employees (whether permanent residents or non-permanent residents).
Now, a backpacker rights organization is calling on the Australian Federal Government to set up a special fund to use this huge amount of unclaimed funds to solve problems for other backpackers working in Australia.非营利机构-青年旅舍协会的首席执行官CEO of Non-profit Organization-Youth Hostel AssociationJulian Ledger(Julian Ledger) Said that many young backpackers don’t even know that their employers have paid their pension funds, and they don’t even know how to get the money.作为青年背包客旅游咨询小组成员之一的As a member of the Youth Backpacker Travel Advisory GroupMs. Ledger called on the government to introduce a new and simpler system.
According to the current regulations, unclaimed pension funds are stored in the Australian tax office for 5 years, and then no one to claim it will be counted as part of the federal government’s profits and included in the investment amount.However, the owners of these provident funds can claim back their long-term unclaimed pension funds at any time.