Australian CEO describes gender pay gap as a “blight on modern society”
TAL CEO Jim Minto has challenged corporate Australia to close its gender pay gap, describing the disparity between male and female wages as a “blight on modern society”.
Minto made the comments in response to WGEA figures released today which reveal that nearly 74% of Australian employers have never done a gender pay gap analysis. “Every employer can fix this now. It just needs the urgent attention it deserves to ensure we get rid of, once and for all, this blight on our modern society,” Minto said.
The life insurer encourages workplaces to implement some of the strategies that assisted them to achieve a 98.5% female to male pay ratio, including: flexible work arrangements, maternity (and paternity) support, hiring both genders on equal pay for the same roles, management training on gender equality, gender equity targets, as well as a comprehensive system of monitoring, measuring and reporting the results.
“The fact is it can be fixed; it just requires measurement, planning, commitment and a disciplined program of implementation,” he said.
According to data released by the Australian Bureau of Statistics, the average Australian man working full-time earns 18.2% more than the average woman working the same hours. This translates to a $283.20 difference in weekly income.
The disparity in male and female wages affects superannuation accrual, as men possess 63% of Australia’s $1 trillion in super. This is also due to women being more likely to take long periods of leave (such as maternity leave) during full-time employment.
Mozo advises women to think about where they invest their super, and to start putting money into savings accounts early, to help them maintain financial security as they approach retirement age.