Closing the gender pay gap starts with your super
Superannuation fund Equipsuper recently announced it would pay superannuation guarantee contributions to its employees’ super accounts during paid and unpaid parental leave.
IEUA-QNT Assistant Secretary Rebecca Sisson said superannuation organisations such as Equipsuper are leading the way when it comes to closing the gender pay gap.
“Paying contributions to employees’ super accounts during paid and unpaid parental leave is a step in the right direction to achieving gender parity,” Ms Sisson said.
She said it is only fair working women have the same benefits as men when it comes to having a secure financial future.
“With around 90 per cent of women retiring with inadequate superannuation and more than half retiring with no super at all, women are urged to turn their focus to their super,” she said.
“As the ACTU’s recent Gender Pay Gap–Over the Life Cycle report revealed, there is still a long way to go in ensuring wage equality between Australian men and women.
“More employers must follow the lead by paying contributions for their employees during parental leave to help the next generation of women retire with stability and ease of mind about their earnings.”
Sarah Guthleben of Equipsuper said the decision was based on their belief that a super fund should allow women to feel confident when they retire and inspire positive change through their superannuation balance.
“Our own practices must reflect the fact that we’re committed to closing the gender pay gap, which is recognised as a primary driver of the gap between male and female savings,” Ms Guthleben said.
“It means we’re walking the talk in terms of helping close the gender savings gap created when women take breaks from work.”
She said the fund had also proposed the enhancement in the context of its online Move the Dial campaign to address the gender savings gap in super, encouraging men to play an active role in bringing up families.
“We decided that by also including male employees in the arrangement, this better reflected the trend towards more men taking on nurturing responsibilities for young families.”
Ms Sisson said our union is equally committed to closing the super pay gap.
“We will be campaigning for similar provisions in future collective bargaining negotiations, in order to ensure all women can retire with adequate super savings,” Ms Sisson said.
QIEC Super is a dedicated fund for employees in the non-government education sector. For more on the benefits of a ‘profit for members’ fund, go to www.qiec.com.au
This article was extracted from the June 2016 edition of Independent Voice.