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Home News Super

Early super payouts near $16bn

Superannuation funds have now paid out more than two million claims under the early release scheme, with the total reaching $15.9 billion. 

by Sarah Simpkins
June 22, 2020
in News, Super
Reading Time: 1 min read
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According to the latest APRA data, as at 14 June, 2.3 million ATO-approved applications have now been received by the funds, for a total of $16.9 billion. 

The funds have paid out 2.1 million of the claims. 

X

The average payment was $7,468. 

Over the week to 14 June, the funds made payments totalling $1.3 billion to 148,000 members.

The ten funds with the highest number of applications received from the ATO have made 1.42 million payments, worth a total of $10.46 billion – covering 65 per cent of the amount claimed under the scheme. 

The average payment from the ten funds was $7,3732, with more than 96 per cent of the payments made within five days.

Across the sector, the funds have taken 3.3 business days to pay out the applications on average, with 95 per cent of the applications being paid within five working days.

 

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