Retirement
Raising SG key to super gender gap
Industry Super Australia is urging state MPs to fight for legislated increases in the superannuation guarantee, warning a freeze will amplify the current gender discrepancy in retirement.
Raising SG key to super gender gap
Industry Super Australia is urging state MPs to fight for legislated increases in the superannuation guarantee, warning a freeze will amplify the current gender discrepancy in retirement.
Research released by Industry Super Australia shows the major benefits in increasing the SG would go to middle and low-income workers, with the legislated boost likely to help women close the gap in retirement.
According to the superannuation body, failure to lift the rate is currently seeing a 30 per cent gap between men and women in their 50s.
ISA stated by the time women in South Australia reach retirement, they have an average balance of $44,000 less than men.
“There is little more important to a woman’s economic security than super. Superannuation minister Jane Hume was right when she said that the longer the increase is delayed, a generation of women will face economic insecurity as a direct result of inadequate savings,” ISA’s advocacy director, Georgia Brumby, said.
“As the new minister for women’s economic security, we hope she acts on her own sage advice and delivers the promised super boost for all South Australian women.”
However, despite falling behind their male counterparts, women, and men, in South Australia are retiring with less than what is required for a comfortable retirement.
Both men and women median balances are less than the $545,000 recommended for a comfortable retirement.
However, half of South Australian women retire with a super balance less than $161,200, below the male median balance of $204,900.
“It is time we bridged the gender super gap in South Australia. It’s not right that South Australian women retire with balances persistently lower than what they need for an adequate retirement,” Ms Brumby said.
“South Australian MPs have a choice — they can fight for a super increase and to get super paid on every dollar earned, or turn their back as more South Australian women risk retiring into poverty.”
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