ISA campaign warns women of super cut
A campaign by Industry Super Australia (ISA) has been launched highlighting how women under 35 are disproportionately affected by cuts to superannuation.
The social media video would warn of the government plans to cut super, at a time when women already lose out from the gender pay gap with women retiring with 36% less than men. A super cut would make it harder for women to catch up, particularly as women spent an average of 12 years less in the workforce.
The video had been viewed 20 million times and analysis showed women were more likely than men to engage with social media.
Women stood to gain more from an increase in super through:
- Paying super on Commonwealth parental leave;
- Abolishing the $450 threshold where super is not paid unless you earn more than that a month, this greatly impacts women as they are more likely to have multiple part-time jobs; and
- Failing to enact super splitting legislation, this streamlines the splitting of super assets and allows more women to get their fair share of super when a relationship ends.
Georgia Brumby, ISA director of advocacy, said: “Women are already being left behind at retirement – now some federal politicians want to cut women’s super, making it even harder to catch up.
“More women than men are likely to receive the legislated super increase – delivering on this promise is key to bridging the gender super gap.
“Until we fix inequities in the super system we will continue to see women retiring with balances that are persistently lower than men.
“Our members expect us to protect their financial interests and warn them about changes that will leave them worse off at retirement and that’s exactly what this campaign will do.”
AUTHOR
Laura Dew
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
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.
