Closing the Gender Super Gap
REI Super is an industry super fund with over 60% of members being female. We are invested in informing, discussing and educating our members and the broader community on issues such as the gender super gap, how to close it, and how to empower women to take control of their finances and retirement fund.
MIND THE SUPER GAP
Many women take an average of five years out of the workforce to care for children or family members, which can cause their super savings to stagnate and begin to fall behind.1 During that time out of the workforce, some parental payments may have been received, but there’s no superannuation guarantee (SG) paid on such payments; not unless your employer has a policy in place to do so.
When returning back into the workforce, you may take on a part-time position, or one at a lower level – both situations result in less earnings which equals less SG payments from your employer. This not only has a big impact on your superannuation savings, but it can also slow career progression and future earning potential.
WHAT ARE THE SOLUTIONS TO THE SUPER GAP?
As an industry super fund, we support Industry Super Australia’s lobbying efforts for solutions to close the super gap, which includes:
- Removal of the $450 a month SG threshold. In short, those earning less than $450 a month don’t get super; and,
- SG payments to be applied to government paid parental leave.2
Together we will continue to advocate for these changes, to better the retirement outcomes of our members and women in Australia.
CREATE A POSITIVE FINANCIAL FUTURE!
It’s never too late, or too early to take steps to improve your financial future. Visit our Women and Super page to find out how you can take control of your retirement finances and your future. It’s easy to get started.
WE’RE HERE TO HELP
Don’t know where to start? Finding it overwhelming to navigate the world of super? Call our friendly member services team on 1300 13 44 33 today. We are always here to help.
Learn more about women and super.
Disclaimer: The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129. February 2021.