Australian Unions have backed calls for further reforms to stop large numbers of women entering retirement without enough superannuation for their economic security.
Women retire with 25% less super than men and are 10% more likely than men to have no super at all by the end of their working lives, according to a report released by the Super Members Council this week. Single women and renters are amongst the older women most at risk of retirement poverty.
Recent reforms introducing the payment of superannuation on Commonwealth Paid Parental Leave, and the upcoming introduction of Pay Day super, will make important contributions to closing the gender super gap.
Further targeted policy changes are needed so that women’s super balances don’t continue to fall behind, said Australian Council of Trade Unions President Michele O’Neil.
“Australia has made good progress in recent years to close the gender gaps in pay and super and to improve the ability of women to join the workforce, but unless we do more to make the retirement system work better for women, they’ll continue to retire with less.
Access the report here
