Australia Post boss to pocket millions in generous super scheme: reports

Well paid or well played?

Earlier this week Australia Post chief Ahmed Fahour came under intense scrutiny when a report revealed he earned a staggering $5.6m last year, however new figures released show he is also reportedly entitled to a generous superannuation scheme.

According to News Corp, Fahour is set to earn millions upon retirement thanks to a superannuation scheme designed for postmen earning a mere fraction of Fahour’s hefty pay packet.

If Fahour retired today, News Corp reports the executive would be paid a jaw-dropping $8.4 million, comprising $4.2 million immediately in salary and then the remaining $4.2 million when he turns 60.

In stark contrast a postie retiring after 30 year’s of service would reportedly be entitled to a significantly smaller sum of $214,500.

The Australian reports that the average postal worker earns a mere $47,000.

Documents published on Tuesday showed managing director Fahour received a $4.4 million salary and a $1.2m bonus last financial year, more than 10 times the salary of Prime Minister Malcolm Turnbull.

A further five executives earned between $1.8m and $1.3m.

After learning of the substantial pay packets, Prime Minister Turnbull said he didn't believe their roles warranted such high remuneration.

"I think that renumeration is too high," he told reporters in Canberra.

"In my view, I say this as someone who spent most of his life in the business world before I came into politics, I think it is a very big salary for that job."

In a chain of correspondence since a Senate estimates hearing in October, Australia Post argued the individuals may become targets for unwarranted media attention and it may lead to brand damage for the government-owned business.

Australia Post was happy to release the information confidentially, but did not want it to be released publicly.

But head of a Senate's committee, Senator James Paterson, wrote to the company on Tuesday informing them the documents would be publicly released.

"Any potential issues of personal safety and security do not appear to be compelling reasons to withhold publication," he said.

Senator Paterson said Mr Fahour's salary makes him effectively the nation's highest paid public servant.

"We think that's not information that should be withheld from taxpayers," he told ABC radio.

Crossbench senator Nick Xenophon praised Senator Paterson for insisting the salaries be disclosed, acknowledging the considerable difference between their salaries and that of the Prime Minister.

"I think a lot of people will scratch their heads on that one," he told ABC TV.