Employers should be permitted to contribute more to the superannuation accounts of female workers to help bridge the superannuation gender gap.
That is the assessment of the Association of Superannuation Funds of Australia (ASFA) which has issued a policy paper arguing that the higher contributions for female workers should be made possible without breaching anti-discrimination legislation.
As well, the ASFA national conference was told that the superannuation guarantee should be applied to paid parental leave schemes and the $450 a month threshold on the superannuation guarantee removed to help bridge the gender gap.
Commenting on the move, ASFA chief executive, Pauline Vamos said that, at present, women were retiring with around half as much superannuation as men, leaving them drastically short of the savings required to live a comfortable retirement.
She said policymakers needed to address the issues women have when it came to their superannuation or face a growing number of women living in poverty when they retire.
“We have a good superannuation system in Australia, but there are gaps that need to be addressed,” Vamos said.
“Better catering for unique circumstances that these groups often find themselves in will ensure the system delivers across our community more broadly.”