A $1,000 pension payment for low-income workers until their balance reaches $100,000 and an assistance credit for people doing unpaid care work are at the heart of the new platform. policy of Women in Super.
Women in Super’s new policy platform has proposed measures to tackle fiscal inequality in the super system, pay super parental leave and ensure those doing unpaid care work are not left behind.
Women in Super policy chair Robbie Campo said: “After 30 years of super compulsory, the system is delivering incredible results for millions of Australians, but we still have a two-tier system with many women left behind. for account.
“The drivers of gender inequality for retired women are systemic, entrenched and multifaceted. This means that the policy response must also be systemic and include a number of areas of reform.
“Australia’s pension system is built on inherent gender inequality whereby the super mandatory is paid out of wages. As women on average earn less than men and are more likely to be absent from the labor market to care for their children, the system does not work for them in the same way.
“Poverty is increasing among retired single women who are quickly becoming the face of homelessness in this country. Structural gender inequalities in supermarkets will continue to contribute to this crisis unless we do something about it.
Women in Super proposed measures to address the fact that super tax breaks, one of the main ways the government supports retirement savings, were skewed 2:1 in favor of men (high earners), which meant that they were economically inefficient, unfair and unsustainable.
“Women are also punished for taking care of children and other family members. Measures such as paying super paid parental leave and introducing a carer credit will go some way to improving retirement outcomes for women.
“We also need to incorporate gender analysis into policy design so that future pension changes do not disproportionately impact women – such as early release from the super scheme.”
The revised Women in Super policies were as follows:
- Helping women save for retirement by ensuring they receive a fair share of government assistance for their retirement savings, given the gender imbalance in the distribution of super tax breaks
- In the same vein, align the tax compensation for low income with the distribution thresholds
- Exploring and Implementing a Caregiver Credit Framework in the Australian Retirement Income System
- Holistic modeling to assess the benefits of a more systemic policy response focused on improving women’s retirement outcomes
- Pay the pension guarantee on paid parental leave
- Introduce an absolute pension adequacy benchmark that does not mislead women
In the final months of the previous government, some of the policy changes advocated by Women in Super were made, such as the abolition of the $450/month minimum income threshold for superannuation payments, and laws to ensure the super’s visibility in family law settlements.
“These changes have been welcomed, but on their own they will not solve the injustice of the system. Broader reforms are needed to ensure that super politicians do not continue to harm women as they age.