Retirement
Shake-up of super payments looming if Labor elected
The federal opposition plans to make changes to the superannuation guarantee payments system for women, in an effort to address the current gender savings gap.
Shake-up of super payments looming if Labor elected
The federal opposition plans to make changes to the superannuation guarantee payments system for women, in an effort to address the current gender savings gap.
Opposition Leader Bill Shorten this morning announced that Labor will introduce superannuation guarantee (SG) payments on the 18 weeks of government paid parental leave (PPL) and phase out the $450 monthly pay threshold for eligibility for SG payments.
Currently, women retire with an average of 47 per cent less superannuation than their male counterparts, down largely to career breaks and the 16 per cent gender pay gap.
So far, the policy position has received support from peak superannuation bodies, like the Association of Superannuation Funds of Australia (ASFA).
“Structural policy reform to protect and enhance the economic security of women in retirement is something that ASFA has long advocated for. It is of critical importance to ensure that women are not condemned to experiencing poverty, and even homelessness, in retirement,” said ASFA CEO Dr Martin Fahy.
“This recognises that women, on average, live longer than men and also tend to bear the load of caring responsibilities, especially for young children, and as a consequence experience more broken working patterns.”
Super funds like HESTA, an industry super fund, are also throwing their support behind the move from Labor.
“This is a comprehensive package of measures to address the gender super gap and it’s pleasing to see reforms we’ve long supported taken up such as phasing out the antiquated $450 minimum monthly super threshold and considering the impact of future super changes on women,” said HESTA CEO Debby Blakey.
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