The Third Women in Super ‘Super Summit’ concluded on Monday. Over three days we had six sessions that provided a wealth of insights contributed by a wide range of expert contributors on the topic of how we improve retirement outcomes for women. With one third of women retiring into poverty and women retiring on average with 40% less super than men, many of the themes and insights were not new and there have been no positive changes since the last two Summits that address the structural inequalities within the super, social and economic systems that lead to poorer retirement outcomes for women.
The Retirement Income Review Panel has been tasked with establishing a “fact base” of the current retirement income system, focusing on three pillars: the government age pension, compulsory superannuation, and voluntary savings including home ownership. Women in Super has prepared a submission in response to the Review, asking the Panel to utilise a gender lens, when considering the current system, because women, by nature, live, work and retire differently than men do, and these differences need to be considered in order to ensure the system in more equitable in the future.
This month, with her return to the world of tennis and reaching the Wimbledon final after having her daughter ten months ago, Serena Williams and her husband Alexis Ohanian have pushed the issue of paid parental leave into the global spotlight – a topic that is tightly knitted to Women in Super’s Make Super Fair Campaign.
In recent years, more women than men have been entering the Australian workforce. This is something that we should celebrate – enabling women who want to work, to work. So, how are we fairing with respect to increasing the ability of women to participate in the labour force? Are we making this a reality for women with the correct policies in place to support them or do we still have some way to go?
Our Women in Super VIC members were given the opportunity to learn what they could do to help homeless women during a session with Women’s Property Initiatives (WPI) last week. We were joined by Jeanette Large, Chief Executive Officer, and Debra Mika, Chair, and learnt about why there is an increase in homelessness amongst women, what WPI are doing to solve the problem and what we can all do to help.
If you’ve heard about the gender pay gap, chances are you’ve also heard there’s a superannuation gap between men and women.
But with a staggering superannuation gap of 47 per cent, many are left asking ‘why’?
While there are many measures that show we have a long way to go to address gender inequality, one notable one is the superannuation gap.