Australia Post’s CEO Ahmed Fahour has qualified for a huge super payout, but he’ll have to wait 10 years to receive it.
The world’s best paid postie, who resigned last week, is eligible for the defined benefit scheme, according to the Fairfax.
Unlike the ordinary workers who live off a payout based on the accumulation of contributions and investment returns, Fahour’s super involves a formula based on a combination of factors including his average salary, the number of year he worked for Australia Post and his age.
Earlier this month it was revealed that Fahour’s $4.4 million salary was topped up by $1.2 million bonus in 2015-16.
While he steps down in July, he won’t see the cash for another decade as access to the payout is only legally allowed at age 60. Fahour turned 50 in October last year.
He took up the role as CEO 1 February 2010.
Read more here.
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