A report by author and Chartered Accountant, Wayne Wanders, revealed women continue to suffer financially from work inequality, and proposed to launch a #MeTooForTheMoney campaign to close the gender pay gap.
The report revealed that women:
- Have 61.2 per cent the superannuation of men;
- Earn 84.7 per cent of what men earn when working full time; and
- Only represent 46.9 per cent of the workforce, and have a lower participation rate than men.
Wanders said the only metric where women have a higher percentage than men, is that they tend to live longer.
“But this a two edged sword,” said Wanders. “Women have less money to last longer. Where is the advantage in that?” he said.
Wanders acknowledged that while the gender wealth gap is continuing to close, we should engage all areas of society to do better, and he proposed to build on the current #MeToo movement and expand it to include financial equality for women.
The Federal Government, unions, businesses, the superannuation industry and men and women themselves were called on in Wanders’ 25 recommendations as to what the campaign should focus on, namely:
- The Federal Government should change superannuation legislation to create joint superannuation accounts; pay superannuation on paid parental leave; remove the $450 monthly superannuation threshold and grant the Workplace Gender Equality Agency (WGEA) the power to force industries and employers to remove pay gaps.
- Unions and businesses should work with the government to turn words into action and close the pay gap by increasing women’s participation in the workforce.
- The superannuation industry should change insurance to an “opt in” basis.