ASFA urges more super for women
Employers should be permitted to contribute more to the superannuation accounts of female workers to help bridge the superannuation gender gap.
That is the assessment of the Association of Superannuation Funds of Australia (ASFA) which has issued a policy paper arguing that the higher contributions for female workers should be made possible without breaching anti-discrimination legislation.
As well, the ASFA national conference was told that the superannuation guarantee should be applied to paid parental leave schemes and the $450 a month threshold on the superannuation guarantee removed to help bridge the gender gap.
Commenting on the move, ASFA chief executive, Pauline Vamos said that, at present, women were retiring with around half as much superannuation as men, leaving them drastically short of the savings required to live a comfortable retirement.
She said policymakers needed to address the issues women have when it came to their superannuation or face a growing number of women living in poverty when they retire.
“We have a good superannuation system in Australia, but there are gaps that need to be addressed,” Vamos said.
“Better catering for unique circumstances that these groups often find themselves in will ensure the system delivers across our community more broadly.”
Recommended for you
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
