Gender pay gap remains wide

Australian women are still earning an average of 17 per cent less than men, new figures show.

According to data from Rice Warner Actuaries and the Australian Council of Trade Unions (ACTU), a young female university graduate today will be paid $2,000 less than a male graduate with the same degree, News Limited reported.

Sharan Burrow, president of ACTU, said that after five years in the job, this pay gap will have grown to $7,400 less a year.

The research also found that in addition to the pay gap during their working life, women can expect to have lower superannuation and retirement funds.

This means that a 22-year-old man can expect to retire after a full working life with $299,000 in superannuation while a young woman can expect to retire with about 40 per cent less.

Last month, John Kavanagh, a finance writer for the Sydney Morning Herald, advised long-term savers to compare term deposits, noting that the current term deposit market is "very fluid, with lots of special offers".

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