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Are YOU owed cash? Hundreds of thousands of Australians are set to share $588MILLION after they were short changed by their employers

Almost 400,000 Australians will see a welcome boost in their superannuation balances after being ripped off by their employers.

The Australian Tax Office estimates $588 million in unpaid or underpaid superannuation will be handed to those eligible after 24,000 employers came forward to fess up to the error.

Some unpaid amounts could date back almost three decades to when compulsory super was first implemented in Australia.

The 393,000 Australians short changed employees will have funds paid into their super funds or straight into their bank accounts if they've since retired.

Thousands of Australians have been short changed on super by their employers. Pictured are Sydneysiders going about their daily lives last week

 Thousands of Australians have been short changed on super by their employers. Pictured are Sydneysiders going about their daily lives last week

Employers were recently given six months to admit their mistake of underpaying workers between July 1, 1992 up until March 31, 2018 as part of the federal government's superannuation guarantee amnesty.

The aim of the amnesty was to reunite Australians with their hard-earned money that was rightfully theirs.

Employers who haven't owned up to underpaid super will face high penalties from the ATO. 

'We know that in the past calculating the super guarantee has been very complicated,' assistant superannuation minister for Superannuation Senator Jane Hume told NewsCorp.

'The Superannuation Amnesty prompted honest businesses to take a look back through their records and check they'd done the right thing by their employees.'

Around $588million will be transferred to super fund or bank accounts (stock image)

Around $588million will be transferred to super fund or bank accounts (stock image)

The Australian Institute of Superannuation Trustees' head of advocacy Melissa Birks welcome the payout but estimates unpaid super costs employees more than $3billion a year.

'Harsh penalties should apply to all employers who fail to pass on super entitlements to workers when they are due,' she said.   

Compulsory super payments will rise from 9.5 per cent to 10 per cent in July next year which rise by another two per cent by 2025.

Could you be one of almost 400,000 Australians who's owed unpaid super? Pictured are crowds in Sydney's Pitt Street Mall

Could you be one of almost 400,000 Australians who's owed unpaid super? Pictured are crowds in Sydney's Pitt Street Mall

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