We care deeply about the financial health of all our members, especially women who often earn less and have lower super balances on average.
Why Women in Super is working to close the gap
Women in Super's Make Super Fair campaign is calling for changes to the current state of economic security for women in retirement, saying the system is 'not fair, efficient or sustainable'.
The campaign aims to 'improve economic security for women in retirement' and is supported by a five-point plan, designed to address some of the issues that exist for women in retirement.
On average, women still retire with around 47% less super than men.
Superannuation sits within a broader issue of gender equality in Australia. Women generally earn less and take more career breaks to care for family.
Often, this leaves them with less saved for the future, compared to men.
We understand that the difference in retirement savings is important to our female members, who often retire with significantly lower balances than their male counterparts. There are a few small steps that can make a big difference down the track. We provide tools and information to help improve our members' financial situation.
The steps we're taking in our organisation to close the gap
While the super balance gap is not caused exclusively by the gender pay gap, it is one factor.
That's one of the reasons we're proud that a recent independent assessment, conducted by Aon Hewitt, showed we have no overall pay gap between male and female employees.
According to our Chief Executive Officer, Michael Dwyer AM, 'The result shows the care and focus that we take when employee remuneration ensures that people are paid for their skills, experience and knowledge regardless of gender. Whilst I am very pleased with the findings, there is always work to be done. As we complete this year’s remuneration review process, we will ensure that we continue to assess our remuneration outcomes for both men and women.'
For these reasons, we're pleased to see an increasing focus on initiatives and solutions that reduce inequality.