WOMEN'S wellbeing could benefit from changes to the superannuation system proposed by the state government according to a central Victorian women's advocate.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The Victorian government called for a number of changes to Australia's superannuation system, to address the fact women retire with less on average than men.
These calls came as part of the state's submission to the Commonwealth's Retirement Income Review.
The recommendations included: super to be payable as part of the Commonwealth's Paid Parental Leave Scheme, mandating super funds to introduce a fee-free 12 months for parents on parental leave, allow joint superannuation for couples, and an amendment to the sex discrimination act to allow employers to offer higher superannuation payments for female employees.
Australian women retire with $90,000 less superannuation than men on average according to Industry Super.
The Australian Human Rights commission reports the average payout for women is one third the payout for men, $37,000 compared to $110,000.
Women's Health Loddon Mallee chief executive Tricia Currie said clear actions had been put forward that would make the system fairer for women.
Ms Currie said people needed money to make healthy choices.
She said the amount of money women had in retirement was important to older women's health and wellbeing.
"Women's work as a whole is more poorly paid, undervalued or not paid," Ms Currie said.
"So we need a superannuation system that values all of our work to be fairer on our retirement.
"We know that older women, are facing hardship through these inequities."
Women's Minister Gabrielle Williams said the review was a chance for the Commonwealth to make super fairer for women, and the community as a whole.
The state government also called for the Commonwealth to increase the Super Guarantee rate to 12 per cent, and abolish the $450 monthly earning threshold.
The Retirement Income Review will be undertaken by an independent panel.
A final report will be given to the government by June 2020.
Have you signed up to the Bendigo Advertiser's daily newsletter and breaking news emails? You can register below and make sure you are up to date with everything that's happening in central Victoria.
Elspeth Kernebone
Accident brought me to journalism, but every day convinces me again that strong media is more important than ever. After a starting off as the sole reporter in a tiny NSW town, I’m loving the teeming metropolis that is Bendigo. Focussed on health, business and education. Got a tip? Email elspeth.kernebone@bendigoadvertiser.com.au.
Accident brought me to journalism, but every day convinces me again that strong media is more important than ever. After a starting off as the sole reporter in a tiny NSW town, I’m loving the teeming metropolis that is Bendigo. Focussed on health, business and education. Got a tip? Email elspeth.kernebone@bendigoadvertiser.com.au.
