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WA women feel retirement pinch
Women in Western Australia are retiring with over $140,000 less than men with the state reporting the worst gender pay gap.
The state had a gender pay gap of 22.4%, significantly higher than the national average of 14.1%.
This then contributed to a retirement balance disparity where women in WA were retiring with $141,000 less than men.
Aware Super chief executive, Deanne Stewart, said: “There are two timelines to consider when looking at your future super income which is based on your current wage and multiplied over your working life.
“There’s the now – which is when women are being paid less for the same roles than men – and then there’s the future, which is one where that lower wage means a lower starting point and will be leaving them with a smaller retirement income to live on.”
She recommended that employers took action through initiatives such as pay equity audits, super guarantee on paid and unpaid parental leave or gender pay equity policies.
“When women are paid less than men, it sets up a domino effect of disadvantage for life – all the way to, and then through retirement.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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