Women retire 'with less than half the savings of men'

Mozo

Thursday 10 June 2010

Continuing pay inequalities mean that women retire with less than half the amount of savings in their superannuation accounts as men, a charity leader has claimed.

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Narelle Clay, chief executive officer of the Southern Youth and Family Services Association, said that despite making up half the workforce, women are still paid, on average, 17 per cent less than men.

"That equates to more than a million dollars less over a lifetime," she noted.

Writing for Illawarra Mercury, she also observed that in addition to the superannuation shortfall, women graduates will earn $2,000 less than men after graduation and $7,500 less five years after graduation despite the fact that women are now more likely to have a tertiary qualification than men.

The comments may interest Aussies looking to compare savings in search of better returns. Ms Clay suggested there is some hope for change given that the Australian Services Union is launching a test case under the new Fair Work Australia system.

"The real test for the government will be whether it will make the funds available to allow workers in the community sector to achieve wage justice, without forced staff or resources cuts," she claimed.

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