Lifting SG critical for women
While lifting the superannuation guarantee is critical to improving the retirement of all Australians, it is particularly important for women, according to an open letter to Federal Parliament members.
The letter was convened by Australian Institute of Superannuation Trustees chief executive Fiona Reynolds and signed by 40 prominent Australian women in the business, academic and arts communities.
“Despite nearly 20 years of compulsory superannuation, Australian women still retire on average with about half the superannuation of men,” Reynolds said.
Reynolds stated that an Organisation for Economic Cooperation and Development (OECD) report had highlighted that almost a third of over-65s in Australia had incomes below the OECD poverty threshold — more than double the OECD average.
“We know that women are overrepresented in this group because of their broken work patterns, lower wages, and longer life expectancies,” Reynolds said.
“All Australians need 12 per cent super, but Australian women need it most.”
Among the signatories were AGEST Super chief executive Cath Bowtell, HOSTPLUS director Robyn Buckler and HESTA chief executive Anne-Marie Corboy.
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