POWERED BY MOMENTUM MEDIA
Gender equity push to improve women’s retirement
The Federal Government, in conjunction with the Australian Human Rights Commission, has announced further plans to help bridge the gap between men and women's retirement savings.
Employers can now access a toolkit which provides techniques to attract, recruit, retain and develop women and which is designed to allow women to break into traditionally male-dominated industries. The Labor Government has contributed $50,000 to its development.
The Minister for the Status of Women, Julie Collins, said getting more women into male-dominated industries could help provide gender pay equity and close the retirement savings gap.
"Getting more women into male-dominated industries is an essential component of addressing future skills shortages, as well as improving gender pay equity, which continues to hover at around 17 per cent, meaning women are more vulnerable to poverty in old age; are retiring with less superannuation and with a greater reliance than men on the age pension," she said.
"The toolkit forms a part of Australia's commitment to the Equal Futures Partnership, an international commitment to expanding opportunities for women launched in New York last year by then US Secretary of State Hillary Clinton."
Collins said equality between men and women was at the heart of Federal Government reforms in this area.
Women would benefit from increases to the superannuation guarantee rate as well as the Low Income Superannuation Contribution, Collins said, which would impact the retirement savings of 2.1 million women.
She said further Budget reforms that would improve the standing of women included reforms to carer arrangements, paid parental leave reform and other moves to improve pay equity and grant women access to areas of work typically reserved for men.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
