Retirement
Women need 12% super guarantee: AIST
The Australian Institute of Superannuation Trustees (AIST) has gone on the record to say that the legislated increase of the superannuation guarantee to 12 per cent is key to improving the retirement outcomes for Australian women.
Women need 12% super guarantee: AIST
The Australian Institute of Superannuation Trustees (AIST) has gone on the record to say that the legislated increase of the superannuation guarantee to 12 per cent is key to improving the retirement outcomes for Australian women.
The lifting of the compulsory super contributions is necessary to address the unique challenges facing women when it comes to paid work and career breaks, according to the AIST’s CEO, Eva Scheerlinck.
She said, currently, an estimated 40 per cent of single women are retiring in poverty, with older women “the fastest-growing cohort of homeless people”.
“Leaving super at 9.5 per cent will simply condemn more women to financial hardship in retirement at a time when many do not have [the] safety net of home ownership relied upon by previous generations,” she warned.
She also commented on the freedom of information documents referenced by media outlets on the weekend in which the Australian Treasury noted that increasing the compulsory super guarantee to 12 per cent would widen the gender savings gap, but said the retirement savings gap between women and men needed to be addressed in other ways.
She was disappointed that the government has not made any recommendations to reduce the gender gap, despite identifying problems “such as the gender wage gap and the impact of career breaks on women”.
“But it hasn’t provided any solutions,” Ms Scheerlinck continued.
“Instead, we have Liberal backbenchers and the Grattan Institute proposing to take away the one solution that will make a difference to women.
“Any move to renege the legislated increase SG to 12 per cent is not going to help millions of Australian women retire with dignity.”
Alongside Women in Super, the AIST supports the use of targeted measures to reduce the gender gap in retirement savings.
These measures include:
- The provision of an additional $1,000 contribution annually into the super of women and other low-income earners, boosting their balance and helping them make up the gap.
- A removal of the $450 monthly pay threshold which sees an estimated 220,000 women miss out on super every year.
- Ensuring that super is paid on parental leave to ensure it is treated like all other types of leave.
RELATED ARTICLES
About the author
About the author
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
