Senate Inquiry into Economic Security for Women in Retirement
A Senate inquiry sitting in Adelaide will endeavour to determine why women earn approximately half the superannuation of men. On average, women will have around half the superannuation at retirement than men - about $105,000 versus $197,000. Ninety per cent of women will retire with inadequate superannuation and one in five women in the workforce have no super at all.
You are invited to provide a submission to the Senate Inquiry: Economic Security for Women in Retirement.
Submissions close 30 October 2015. A submission may be as short or as long as you like. It may contain facts, opinions, arguments or recommendations. It may cover all the points in the Terms of Reference (below) or only some of them, depending on what interests you. Supporting documents may be attached.
Terms of Reference:
• The Senate notes that, although women’s increasing workforce participation has contributed significantly to Australia’s economic productivity and to women’s financial independence, significant socio-economic disparity remains between men and women, illustrated by the pay gap between men and women which sits at 18.8 per cent and the gap in superannuation at retirement is 46.6 per cent; and
• The gender retirement income gap be referred to the Economics References Committee for inquiry and report by the first sitting day in March 2016, with particular reference to:
- The impact inadequate superannuation savings has on the retirement outcomes for women,
The extent of the gender retirement income gap and causes of this gap, and its potential drivers including the gender pay gap and women’s caring responsibilities,
- Whether there are any structural impediments in the superannuation system [impacting on the superannuation savings gap],
The adequacy of the main sources of retirement income for women, and
- What measures would provide women with access to adequate and secure retirement incomes; including:
- Assistance to employers to assist female employees’ superannuation savings,
- Government assistance, with reference to the success of previous schemes, and
- Any possible reforms to current laws relating to superannuation, social security payments, paid parental leave, discrimination, or any other relevant measure.
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