TelstraSuper employees who take on part time roles after returning from parental leave will receive full-time super guarantees (SG) for a period of two years.
According to the fund, this is regardless of the amount of hours that they return to work.
The fund’s chief executive Chris Davies said the new program would help narrow the gender super gap for its employees and improve the financial security for those who have returned from parental leave and are working part-time.
“TelstraSuper recognises the need for more government measures to help close the super gender gap, so as an employer we wanted to explore how we might improve the retirement outcomes for our own employees,” Davies said.
“This is an important equity measure that will make a real difference to all employees who take parental leave and would otherwise receive less super if they returned to work in a part-time role.”
Last week, it was revealed that financial and insurance services were among the worst gender pay gap offenders, with data from the Workplace Gender Equality Agency (WGEA) pointing to a gap of 26.1 per cent in the sector compared to the national average of 19 per cent – based on an employee’s total remuneration including base salary, superannuation, overtime, and bonuses.
Looking at superannuation funds, TelstraSuper was in the top half of the pack with a pay gap of 11.7 per cent.
Qantas Super, meanwhile, had a gap of 37.6 per cent.
TelstraSuper said that Davies, who is a pay equity ambassador for WGEA, has also been active in calling on the government to add super to its Paid Parental Leave Scheme.
In the 2019–20 financial year, the median superannuation balance for women aged 65 or higher was $168,000, compared to $208,200 for men.
“The reason for this gap is a complex mixture of systemic and workplace issues such as the gender pay gap, unpaid caring work, part-time work and even financial literacy. The difference in super balances starts out small and widens progressively as the power of compounding interest takes effect,” Davies explained.
“While there is no silver bullet to closing the super gender gap, it’s important that employers recognise the role they can play in helping improve retirement outcomes for women.”
