First State Super CEO named pay equity ambassador

23 July 2019

| By Oksana Patron |

First State Super’s chief executive, Deanne Stewart has been named as a workplace gender equality agency pay equity ambassador.

The role of the pay equity ambassador was designed to help lead the workplaces, industry and broader Australian community in order to achieve genuine pay equality.

Stewart said that the recognition of First State Super’s commitment to eradicate gender inequality was equally important for its employees as much for its members.

“More than two-thirds of First State Super’s members are female and we see every day the very real long-term impact that Australia’s gender pay gap has on them during their working lives and throughout their retirement,” she said.

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“While over recent years we have seen some progress in reducing the gender pay gap, it is still far too high at 14 per cent.

“In some industries, including some of those our members work in, the gender pay gap has actually increased over the past 12 months, and this has a very real impact on Australian women, not just in managing their day-to-day expenses, but their quality of life in retirement.”

Stewart also stressed that more than 40 per cent of Australian women still relied on their partner’s income as their main source of funds in retirement and this is something that needed to change.

According to the independent analysis by Aon, the fund managed to achieve positive change for its team, with the participation rate for females at senior levels within the organisation standing at or above market average.

At the same time, the study proved that the finance and insurance sector had still one of the highest gender pay gaps compared to other industries in Australia.

“While we are pleased with this report, there is always more that organisations can and should be doing to drive diversity and inclusion across their workplaces,” Stewart said.

“We will continue to lead the discussion on the gender pay gap in super. With women currently retiring with 47 per cent less super than men, this is an issue that affects everyone.

“So, while we have made great progress over the past decade, there is more work to be done, and I am honoured to be able to support the WGEA and its important work as a pay equity ambassador.”