Aussie mums miss out on more than $1 6b in retirement moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.
Stop slugging women’s super for having children: KPMG 05 May 2021
There are three key law reforms that could help close the gender divide in superannuation savings, according to KPMG, if Australia chooses to recognise the unpaid work women take on.
A new paper from KPMG has found that a lower female workforce participation rate and a higher proportion of unpaid, caring work compared to other OECD countries have led to Australia maintaining a well-established gender pay and superannuation gap.
The pay gap now sits at around 20 per cent, with KPMG estimating that if the rate of reduction for the four years prior to the pandemic continued, it would be eliminated in 2046. The superannuation gap can range from 22 to 35 per cent in the years approaching retirement age.