Superannuation, Redundancy and Long Service Leave
You’d be mad not to be in the CFMEU
Your Union looking after you
Over the last 20-odd years, the CFMEU has linked up with other construction unions and employer groups to set up superannuation, insurance, redundancy and long service leave funds for our members.
Superannuation – Cbus
In 1984, building unions helped start one of Australia’s first super funds run purely to provide money for workers in retirement, rather than profits for insurance or banking sharks.
Today, Cbus has hundreds of thousands of members in the construction industry and billions of dollars invested for their future. It’s the law that your boss must pay an ampunt equal to at least 9% of your normal wages into Cbus, however CFMEU agreements get you more.
Like most super funds, Cbus invests your money in shares and property. What makes Cbus different is the amount of money that it puts into Australian property developments. So while these investments make money for your future, Cbus’ projects mean more construction work for you today.
Cbus also gives you insurance against death or lost income due to major injuries.
For more information contact Cbus:
Phone: 1300 361 784
Address: Level 2, Casselden Place, 2 Lonsdale Street, Melbourne (opposite Parliament Station)
Redundancy – Incolink
In 1988, Victorian building unions and employer groups got together to set up Incolink, the industry’s redundancy fund. As with Cbus, your employer must make regular payments into an Incolink account set up in your name. You can draw on this account if you’re laid off or your job winds up with nothing on the horizon. Incolink also gives you portable sick leave, dental and accident benefits.
For more information about Redundancy, contact Incolink:
Phone: (03) 9639 3000 of 1800 337 789 (toll free)
Address: 1 Pelham Street, Carlton VIC 3053
Long Service Leave – CoINVEST
If you’re new to the building industry, and plan to stay for the long haul, here’s something to look forward to in 7 years’ time: 9 weeks bonus holidays.
Long service leave (LSL) gives workers extra time off to recognise a long stint in a job or an industry. Not so long ago, it was for public service office workers, not for building workers.
In 1977, the unions that later formed the CFMEU helped set up the CoINVEST fund, to give building workers the right to portable LSL.
Your employer now has to pay the equivalent of 2.7% of your wage to CoINVEST each month in your name.
Check with you CFMEU steward or organiser to help work out where your stand on LSL and also to make sure that your boss is doing the right thing.
If you would like more information about Long Service Leave contact CoINVEST directly:
Phone: (03) 9664 7677 or 1800 805 844 (toll free)
Address: 478 Albert Street, East Melbourne (behind Parliament House)
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