Women underpaid $1.8 billion in super
Women working for wages and eligible for the SG were underpaid $1.84 billion in super contributions by their employers in 2013-24, according to the Industry Super Australia (ISA).
ISA analysed the latest data from the Australian Tax Office (ATO) and found that, on top of the gender pay gap, women were also subject to unpaid superannuation entitlements, with the average underpayment of $1,550.
Also, the study revealed that women’s superannuation balances were on average a third lower than those paid correctly.
According to the ISA, in particular the superannuation balances for women working for wages nearing retirement were “shockingly low”.
ISA’s public affairs manager, Sarah Saunders, said: “The failure of some employers to pay working women their super entitlements is a disgrace”.
“We need employers who offer flexibility, equal pay and family leave, a government whose tax structures and social policies are seen through the lens of quality, and a society that refuses to accept the feminisation of poverty.
“The government can start by enshrining ‘dignity’ and ‘security’ for all Australian in the objective of superannuation.”
AUTHOR
Oksana Patron
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
