In recent times, there has also been much media scrutiny around businesses not paying their people correctly. In 2019 alone we saw a major media outlet, a major airline, many retailers and restaurants, a Not for Profit, a Big 4 bank and a law firm with examples of underpaying some of their people.
In our experience, the causes of underpayment and incorrect payments of overtime wages and superannuation are not because of intentional behaviour, rather it is typically a case of complex awards and EBAs, the lack of routine payroll data validation and failed processes unable to spot red flags.
The Federal Government is also attempting to encourage a proactive approach to spotting superannuation shortfalls through a proposed amnesty that would waive much of the penalty that would otherwise apply.
In order to pay your people correctly, maintain your reputation and minimise Government penalties, businesses must proactively assess and test their application of their industrial relations obligations. Grant Thornton helps mitigate your risk and provides the level of assurance you need to meet your employee obligations now and into the future.
Subscribe now to be kept up-to-date with timely and relevant insights, unique to the nature of your business, your areas of interest and the industry in which you operate.
