Future Super has decided to pay its stimulus forward in supplemental contributions to members hit by the COVID-19 crisis. The fund will be giving money to those who have accessed the early release and whose balances have been depleted under $10,000 after withdrawal.
The value of the payment has not been set – Future Super stated it will be determined by how many people are eligible to receive it. It expects the payments to be in the range of $100 to $200.
As at 3 May, APRA data showed Future Super had received 1,202 applications and the fund had paid out $6.3 million.
The fund stated it will send emails to eligible members asking to confirm their interest in receiving the subsidy, before it will make lump sum payments into their super accounts.
Members who applied for the early release before 1 May will be eligible, with 19 May being the cut-off date to confirm their interest in receiving the subsidy.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
