Three major superannuation advocacy groups united last Friday, being International Women’s Day, to call on policy makers to help close the gender gap in retirement savings, which currently sees women retire without around 40 per cent less superannuation than men.
Women in Super, Industry Super Australia (ISA), and the Australian Institute of Superannuation Trustees (AIST) joined forces to advocate practical policy changes such as removing the minimum income threshold and increasing the super guarantee.
“We need a super system that addresses the unique challenges that women face when it comes to paid work and we must ensure that governments stick to the timetable to take super compulsory contributions to 12 per cent,” AIST chief executive, Eva Scheerlinck, said.
ISA called for superannuation to be added to parental leave and the $450 threshold to be scrapped, which would see many women working part-time receive more superannuation, with consumer advocacy head, Sarah Saunders, noting that Labor had already committed to both policies.
Women in Super echoed calls to increase the superannuation guarantee to 12 per cent and also pushed for an annual means-tested superannuation boost.
““It’s not rocket science! The current superannuation system from 1992 is outdated. It does not reflect the way Australians engage in work today and can easily be changed into a fairer system for women,” Women in Super chief executive, Sandra Buckley, said.