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Super failing women – survey
Australia’s superannuation system is continuing to fail women, with the latest SuperPartners Newspoll survey revealing women are 60 per cent more likely to rely on the aged pension as their main source of retirement income.
The survey results, released just a week out from the Federal Budget, provided an opportunity for SuperPartners chief executive Frank Gullone to call on the Government to give serious consideration to removing the 15 per cent contribution tax applying to female employee superannuation savings.
Gullone said removal of the 15 per cent tax applying to women would act to compensate them for a lifetime of lower earnings and lower retirement savings.
“The Newspoll survey has revealed the plight of women in the workforce, who earn, on average, just 84 per cent of the male wage for the same job and who are, for the most part, denied employer superannuation contributions in the early years of their working life and during childbearing years,” he said.
Gullone said that while Federal Treasurer Peter Costello had made it clear the Government would not be removing the 15 per cent contributions tax from all superannuation, it was not unreasonable for him to consider removing it with respect to women.
“This would have less of an impact on Treasury and would redress the imbalance in women’s retirement savings,” he said.
AUTHOR
Mike Taylor
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