Budgeting allows you to create a spending plan for your money. Creating a budget will ensure that you have enough money for the things you need and the things that are important to you.
Creating a budget is a good way to keep yourself out of debt OR help you to recover from debt if you are already in a place of debt.
Click here for a budgeting tool, alternatively your bank may have resources to help with this process as well.
It is important that you know and understand your workplace rights and entitlements.
At KFC you work under the KFC National Enterprise Agreement 2020, you will hear this being called the EBA.
The EBA goes into detail regarding:
Public Holiday Pay
And much much more.
Download your copy of the EBA for your reference.
If you have any questions or concerns regarding your employment in reference to the EBA, feel free to speak to your manager OR call this confidential hotline:
1800 640 124
For Collins Employees (07) 3352 0810
Access EAP provide financial counselling sessions to all KFC employees to help guide you through these changing times from a financial wellbeing perspective.
Call the number below and request a session with a financial counsellor. Alternatively, you can visit their website for more information and book a financial counselling session.
1800 818 728
Whether you are looking to understand budgeting, set up a bank account, avoid dangerous debt, manage credit cards, or get your head around superannuation, Money Minded is a FREE online collection of guides to a range of financial topics for you to use.
Click here to view their resources.
At KFC our default super provider is Rest. Your payroll team will automatically contribute to your super account each quarter. If you want to choose a different super provider - you can, just let your payroll team know where they need to contribute your super entitlements.
We know it takes time to get on top of your life admin and understanding your Superannuation 'Super' can be complicated. Many of us don’t understand how Super works but, it doesn’t have to be like that.
Check out the quick tips below for more information.
Super is short for Superannuation.
Super is a way of saving for your retirement. Your employer is required to pay a percentage of your earnings into your super account, and the super fund invests that money until you retire.
At KFC, we automatically create a REST Super fund for you at the beginning of your employment. However, you can nominate a preferred Super fund at any time you choose. just speak to your Restaurant Manager.
Am I eligible to receive Super?
Your employer is required to pay into your Super fund no matter how much income you earn.
Your employer is not required to make super contributions if you're:
- Paid to do work of a private or domestic nature for 30 hours or less each week
- A non-Australian resident and you’re paid to do work outside Australia
- An Australian resident paid by a non-resident employer for work done outside Australia
- A senior foreign executive on a certain class of visa
- Temporarily working in Australia for an overseas employer and are covered by the super provisions of a bilateral social security agreement
Rest is KFC’s default Super provider. The have an easily accessible the app to help you:
- Check your account balance
- View investment & insurance options
- Use projection calculators
Click to download the app:
Rest has come up with a quick, Super Health Check self-assessment you can do in 5 minutes.
Click here to access the health check: Super Health Check
If you need any assistance you can contact Rest on:
1300 300 778
Live Chat at rest.com.au
But first, what is a beneficiary?
A beneficiary is someone that is entitled to your super benefits if something were to happen to you, that resulted in your death. You have the rights to nominate who this person will be within your Super contract.
How do you nominate a beneficiary?
You can nominate your beneficiary in two ways.
1. By completing this form and returning to Rest.
2. Updating these details in the App.
The person who you name in this section of your Super details will be the beneficiary of your Super and/or insurance benefits should something happen.
If you have more than one Super account, did you know that you are paying double the fees?
By combining your accounts you’ll find it easier to manage and grow your Super. This is called consolidation.
Plus you'll save $$ by not paying multiple fees.
Click here to see a guide on how to combine your Super.
Why Rest Superannuation?
Australian Government Financial Support
Over the past few weeks, the Australian Government has announced financial assistance measures for those whose employment has been impacted by the current crisis.
You can access government assistance through Centrelink and your MyGov account.
Financial help if you’re between 22 and Age Pension age and looking for work. It’s also for when you’re sick or injured and can’t do your usual work or study for a short time.
To get JobSeeker Payment you need to meet some rules. These include:
- you’re between 22 and Age Pension age
- your income is under the test limits
- you meet residence rules
You can find more information by clicking here
Financial help if you’re 24 or younger and a student or Australian Apprentice, or 21 or younger and looking for work.
- 16 to 21 and looking for full time work
- 18 to 24 and studying full time
- 16 to 24 and doing a full time Australian Apprenticeship
- 16 to 17 and independent or needing to live away from home to study
16 to 17, studying full time and have completed year 12 or equivalent.
You can find more information by clicking here.
Government assistance is accessible through Centrelink and you MyGov account.
To access income support you will need to have a MyGov account.
If you do not already have an account click the image to register.
You will need to register your intention to claim for any income support payments.
Click the image below to see what options may be available to you.
Insurance can be hard to wrap your head around. Insurance is a means of protection from potential financial loss. Insurance is a form of risk management, usually used to protect against the risk of uncertain loss. There are a number of different types of insurances that are available in the market as well as a number of different companies offering insurance policies. It is important the you understand what type of insurance you are looking for and what does it cover.
To understand more about WHAT IS INSURANCE click here.
Types of Insurance
When buying a car, there is no single best solution when it comes to buying insurance. When making your decision on what type of insurance to get, make sure that price is not the only factor you think about when you choose your motor vehicle insurance.
There are a number of different types of car insurance:
- Compulsory Third Party (CTP): this is a requirement for all drivers in order to be able to drive the car on the road. it protects any person that you might injure while you are driving. This does not protect you against any property damage to your vehicle or someone else's in the event of an accident.
- Comprehensive: this covers damage to your own vehicle, other people's vehicle/property, as well as theft and some other potential risks - such at legal costs.
- Third Part Property: this covers damage to other peoples property & legal costs, but not damage to your own vehicle.
- Third Party Fire & Theft: this covers damage to other peoples property & legal costs, as well as your vehicle if it is stolen or is damaged through fire.
Click here for more information on car insurance.
Whether you own or rent, your home and possessions are precious. Home and/or contents insurance is available to help offer peace of mind and lowers potential financial pain should you need to repair your home or replace damaged or stolen goods.
You can choose to insure your property, its contents, or both.
The most common forms of household insurance are:
- Home insurance – covers financial losses associated with damage or loss of a property you own. Often used when you own the dwelling/home.
- Contents insurance – covers financial losses caused by the loss, theft or damage of your possessions. Often used where you are the tenant in a rented property.
- Home and Contents – policies that combine the features of both home and contents insurance. Often used when you are the owner/occupier of the dwelling/home.
- Renter’s or tenant’s insurance – a low-cost contents policy for tenants that provides limited cover for events such as fire and theft.
- Landlord’s insurance – covers the risks associated with renting out a property.
- Strata insurance – covers financial losses associated with damage or loss to a property that operates under a strata-title, company title or torrens title arrangement with multiple units.
Private health insurance can help you to cover medical costs not covered by Medicare.
There are different types of health insurances, that range in inclusions that can be tailored to best suit your personal needs.
Some things include:
- Ambulance Cover
- Hospital Cover
- Extras Cover
All private health providers offer different levels of basic covers that include things like:
- Pregnancy; etc.
It is important that you choose a cover that best suits your personal medical needs.
Click here for more information on health insurance.
Travelling, whether it be interstate or overseas for personal or business reasons unfortunately involves some risk.
Some of these risks could include the financial losses you experience due to travel changes, cancellation or interruption, medical expenses, baggage damage or theft, and more.
Travel insurance policy's can provide you with cover for potential financial losses caused by unforeseen events that can affect your trip, whether they occur before, during or even after your trip.
Travel insurance should be a priority in all travel arrangements, whether you travel regularly, occasionally or you are setting off on a once-in-a-lifetime trip. Some holidays, such as ski trips or voyages on cruise ships, may require special policies.
The Department of Foreign affairs and Trade, within the Australian Government advises that travel insurance is as important as a passport, regardless of your destination.
Travel insurers offer a number of policies that include cover for individuals, families and couples, and some also offer multi-trip and annual policies for frequent travellers.
If you are planning on travelling during the COVID-19 pandemic, click here for a guide to buying travel insurance.
There is a wide range of policy choices and companies, you should shop around to make sure that you choose a policy that suits your needs and circumstances.
As with all insurance, before signing the insurance contract you should carefully read the policy document and product disclosure statement and make sure you ask your insurer about any aspects of the policy that you don’t understand.
If in doubt, speak to someone - a family member, a friend or insurance broker.