$9m paid under COVID-19 super ERS

In all, super funds have made $9bn in payments since inception, on April 20, of the super early release scheme (ERS), newly released APRA figures show. According to APRA data submissions from 177 funds, the total value of payments during the week to May 10 was $2.7bn and the average payment, $7,546.

Over the week, super funds made payments to 379,000 members, bringing the total number of payments to 1.19m since April 20.

The payments to eligible members took an average of 3.3 business days after receipt of ATO’s applications and 94.4% were made within five business days.

Among all funds submitting data, 140 (79%) completed more than 90% of payments within APRA’s five business days guideline. Further, with very few exceptions (less than 1%), payments to members had been completed within 10 business days from receipt of ATO’s applications.

The 10 funds with the highest number of applications from the ATO had made 795,000 payments worth $5.96bn in total. The average payment from these funds was $7,664, and more than 93% of payments were made within five days.