Australian bosses and governments are being urged to close the pay gap for women to attract the best talent and make workplaces fairer.
Subscribe now for unlimited access.
or signup to continue reading
The pay gap has barely shifted for decades despite social change and well-meaning governments, with the difference between average weekly full-time earnings of men and women now 22.8 per cent.
Research commissioned by Aware Super, one of Australia's largest superannuation funds, found 90 per cent of women believe the gender pay gap is unfair.
But only 70 per cent of men found it so, according to the report released ahead of International Women's Day.
"It's a hard truth that in Australia, women are paid nearly $30,000 less than men each year," Aware CEO Deanne Stewart said on Monday.
"It's a hard truth that women retire with around half the superannuation of men."
Many Australians (47 per cent) believe it is the federal government's responsibility to confront the problem, followed by employers (16 per cent), the research found.
Ms Stewart said with unemployment at historical lows, companies must take action to attract and retain talent.
Men are earning more than their female peers in every occupation, which results in women retiring on 42 per cent less super on average than men.
Aware Super is calling for every employer to have a policy on gender pay equity and publish it, so employees across Australia know which companies support fair pay.
More than half (52 per cent) of those who have taken a break from work, usually to care for children, say this has impacted their earnings potential, according to the research.
Australian Institute of Superannuation Trustees CEO Eva Scheerlinck said the Morrison government should use International Women's Day to introduce super on paid parental leave.
This would allow parents to continue building their retirement savings while taking time out of the paid workforce to care for children, instead of falling further behind.
She said there also needed to be an assessment of financial coercion reportedly experienced by some women during the COVID-19 early release of superannuation scheme.
Despite the pay and savings gap, women own a powerful $1.2 trillion in superannuation and they dominate in funds serving healthcare, hospitality and the public sector - which is why their funds are vocal about change.
The Australian Retirement Trust - the recently merged QSuper and Sunsuper - is the women's superannuation savings leader with $103 billion owned by women.
Amid a groundswell for change, last year's Women's Budget Statement promised a review of workplace gender equality measures, which was released on Friday along with 10 recommendations.
"This review comes at a critical time - there is real momentum for change towards achieving gender equality," Minister for Women Marise Payne said.
Laws passed last month met another budget commitment by removing a longstanding income threshold before super must be paid by an employer.
"The recent passing of legislation scrapping the $450 monthly salary threshold for super payments was good news for low income workers, many of whom are women, but more action is needed," Ms Scheerlinck said.
Australian Associated Press
