Equipment manufacturer Hastings Deering has 85 per cent of its workforce volunteering an extra 5 per cent to their superannuation.
The company is a corporate superannuation client of Plum Financial Services. In June, Hastings Deering introduced a version of Plum's Escalator Program to their workers.
The Escalator Program automatically makes small annual increases in members' super contributions, up to a maximum of 15 per cent of earnings, including the superannuation guarantee.
"We wanted to help our employees avoid being put in the position of not being able to retire on an adequate income," Hastings Deering managing director Scott Cameron said.
"Implementing initiatives such as this savings program will help make our employees retirement lifestyles above the average, and improve our standing as a caring employer."
The company chose a full 5 per cent voluntary contribution program to get staff closer to a15 per cent superannuation rate. Some of its employees are even contributing more than the 5 per cent to their superannuation.
"Employees were a little hesitant at first. After attending education sessions they obtained an understanding of the program and the need for people to save more. They were then more comfortable with putting more contributions into super," Cameron said.
"This is a fantastic result and industry ground breaking," Plum managing director Mike Fitzsimons said.
About nine of Plum's clients are in process of adopting a version of the initiative with a further six interested in the program.
