Lifetime pay gap a retirement burden for finance workers
Women working in the finance sector "are at risk of retiring in poverty, without adequate superannuation" the Finance Sector Union has said.The FSU's submission to a Senate Inquiry into the economic security of women in retirement says that over the course of a typical 45-year career, the gender pay gap equates to nearly A$665,000. "Full time working women in Australia earn on average $284 per week less than men," the submission said."Despite women making up the majority of workers in the financial services industry, the pay gap between men and women is the highest in Australia, at 30.5 per cent."In the finance industry, women are paid $627 per week less than men, reaching a gap of $1.47 million over the span of a 45 year career."The FSU endorses calls for an increase in the superannuation guarantee to 12 per cent, "providing benefit to all workers, particularly women."The union also calls for the "removal of the $450 monthly threshold for Superannuation Guarantee payments, which is more likely to exclude low paid women from accumulating superannuation."