First State Super working towards achieving pay equality

CEO Deanne Stewart appointed as a Workplace Gender Equality Agency Pay Equity Ambassador.

The appointment of Deanne Stewart as a Workplace Gender Equality Agency Pay Equity Ambassador is further acknowledgement of our ongoing commitment to lead our workplace, the industries we serve and the broader Australian community, towards achieving genuine pay equality.

Pay equity is important, not only because it is the right thing to do, but because it makes good business sense.

Creating supportive, inclusive and fair environments for workers means employees able to bring their best to work, increasing productivity and overall organisational well-being. It is important for today, but also vital for future generations and ongoing economic prosperity. 

Deanne Stewart talks about the importance of advocating for gender pay equality.

Why do we need pay equity ambassadors?

Pay equity ambassadors raise awareness on the issues relating to unequal pay and drive change within the business community, working with business leaders to improve commitments to gender equality.

Although there has been genuine progress in closing the gender pay gap, we believe at 14% it is still far too high, and that it is incumbent upon leaders in the community to pave the way.

“With women currently retiring with 47% less super than men, this issue affects everyone. While we’ve made great progress over the past decade, there is more work to be done. I am honoured to support the WGEA and its important work.”

– Deanne Stewart, CEO First State Super. 

How the pay gap impacts women in retirement

The gender pay gap, combined with more time spent out of the paid workforce caring for family members, means that women often lose out on the benefits of compound interest on their super balances. 

More than two-thirds of our members are female - we see every day the very real long-term impact that Australia’s gender pay gap has on them during their working lives and throughout their retirement.

Everyone, regardless of gender, deserves a reasonable and fair income. But for women facing retirement, the super pay gap is exponentially larger than the pay gap. For Australian women in retirement this means more than 40% with partners rely on their partner’s income as their main source of funds, and 40% of single retired women live in poverty and experience economic insecurity.

 The aim of gender equality in the workplace is to achieve broadly equal opportunities and outcomes for men and women. 

We are an Employer of Choice

Earlier this year, we were named an Employer of Choice for Gender Equity for the third year in a row. This citation was awarded to only 140 organisations demonstrating a genuine commitment to achieving gender equality in Australian workplaces.