The gender super gap in Australia is a serious concern: as of May 2022, the gap between what men and women earned was at 14.1%. On average, women earned $263.90 less than men each week1 but its not just the pay that is impacted – its also long term super balances, which makes things more difficult as women are more likely to have fragmented patterns of paid work when they take primary responsibility for family care, in some instances super is an afterthought upon their return to the workforce.
As of 1 July 2022, eligible people now qualify to receive employer super guarantee contributions regardless of how much they are paid2. Previously, there was a requirement to earn $450 a month before mandatory employer super guarantee payments applied. The removal of the $450 threshold is good news if you’re a returning to work parent or work part-time. The change will help thousands more people continue to build a nest egg for their retirement.
Previously, around 200,000 women, were losing about $4.7 million in super contributions every month due to the before these changes commenced3 .
A Women in Super guide developed by AustralianSuper has a range of tools, information and simple steps you can take to help boost your super balance. The small steps you take could make a big difference to your financial future in retirement.
A brighter future for women
AustralianSuper is hosting ‘a brighter future for women’ webinar during March to coincide with International Women’s Day, which will cover:
- The super gender gap
- Important things you mightn’t know about super
- Tips to take control of your super
- Ways to grow your super and where benefits may exist
This webinar will run for 30 minutes, followed by 15 minutes for dedicated Q&A with an AustralianSuper Education Manager.
There are 4 March sessions available, which anyone is welcome to attend:
- Wednesday 8 March, 12pm (AEDT) / 9am (AWST)
- Thursday 9 March, 2pm (AEDT) / 11am (AWST)
- Wednesday 15 March, 7pm (AEDT) / 4pm (AWST)
- Thursday 16 March, 1pm (AEDT) / 10am (AWST)
How to register:
Please visit AustralianSuper’s education and webinars page and click – Register now. You’ll be taken to a Zoom page to complete your details.
Sponsored by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.
1Pay Gap – WGEA Employer Census Gender Pay Gap 2022
2See ato.gov.au for Superannuation Guarantee eligibility
3Retirement Income Review, Treasury of Australia July 2020 based on ATO 2019 data
This information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD. Sponsored by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.
Closing the gender super gap