Job change has im­pact

Townsville Bulletin - - Your Money -

MARCH is pop­u­lar for chang­ing jobs, and em­ploy­ment spe­cial­ists say this year is ex­pected to see more ac­tiv­ity than usual as the mar­ket shifts back to the job-seeker’s favour.

There are fore­casts of a job-seeker surge in 2011 to match de­mand by c o m p a n i e s r e b u i l d i n g t h e i r work­forces.

But chang­ing jobs, hope­fully for higher wages, also has fi­nan­cial im­pacts and in­volves care­ful plan­ning.

‘‘ A new job is an ideal time to sort out your su­per­an­nu­a­tion and it can make a big dif­fer­ence,’’ says Ian Silk, Aus­tralian­Su­per’s chief ex­ec­u­tive.

‘‘ Check your em­ployer’s de­fault fund is right for you. Our re­search shows 57 per cent of peo­ple who change jobs end up in their em­ployer’s de­fault su­per fund,’’ he says. ‘‘ Com­pare it with other lead­ing funds.

‘ A few per­cent­age points dif­fer­ence in fees can wipe a stag­ger­ing $ 100,000 or more off an av­er­age 25 year-old’s likely fi­nance re­tire­ment bal­ance.’’

Chang­ing jobs is also a good time to con­sol­i­date su­per into one fund.

Also, check you are in the right in­vest­ment op­tion.

‘‘ Iden­tify your risk pro­file to de­ter­mine which strat­egy is ap­pro­pri­ate,’’ Silk says. Re­search by re­cruiter Hud­son Aus­tralia found 33 per cent of em­ploy­ers planned to lift their staff lev­els in the 2011 first quar­ter.

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