POWERED BY MOMENTUM MEDIA
Rice Warner boosts contributions for female staff
Consulting and actuarial firm Rice Warner has increased super contributions for female employees by 2 per cent of salary as a way to address the gender gap in retirement savings.
It follows on from consultation Rice Warner undertook with the Australian Human Rights Commission to ensure the measures did not discriminate against male employees.
The package of benefits which were implemented at the start of this month, also includes flexible working conditions, paid parental leave, superannuation payments and long service leave accrued during parental leave, as well as an educational package.
Rice Warner deputy chief executive Melissa Fuller said her interest in finding a way to resolve the discrepancies between male and female retirement savings was sparked by the firm's research.
Underlying data and statistical evidence clearly showed that most females fell behind their male counterparts in their level of retirement savings, Fuller said.
A Rice Warner report released in November found that many challenges including lower pay, workforce patterns and a longer life span meant most women retired with approximately 50 per cent less superannuation than men.
"From the outset Rice Warner saw an opportunity to tackle a systemic issue that has a broad impact on Australian females and society, but which also directly impacts our own female employees," said Fuller.
The firm said the total female savings gap today was $383 billion, with 65-year-old females retiring with on average $40,000 less than 65-year-old 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 super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
