Integration between social security and superannuation legislation should be considered to help the gender gap in retirement, according to the Queensland Government.
It said in its submission to the Senate Inquiry into the economic security of women in retirement, that the integration should be used rather than considering issues relating to the topic in isolation.
“This will enable a focus on a person’s entire situation and then apply adjusting measures where required,” the submission said.
“The key achievement would be to reach an adequate income replacement ratio for each Australia, neutralising the current gender discrimination that currently exists in respect of remuneration and the perceived role of women to assume care-taking roles.”
The submission also noted that superannuation coverage for Aboriginal and Torres Strait Islander women is 60 per cent, compared to 70 per cent for their male counterparts, and 80 per cent for women in the population more generally.
“While Aboriginal and Torres Strait Islander women had an average balance of $39,909 in 2010, the equivalent figure for non-Indigenous women was $63,000. For men the respective figures were $55,743 and $110,000,” the submission said.
The Queensland Government also recommended increased minimum employer contribution level, contributions not linked to salary, tax incentives, support for different work patterns and unpaid caring responsibilities, building women’s financial capability, and increased women’s representation in leadership roles.
