Keeping you informed

Broadcast news April 24

International Women’s Day

The theme for International Women’s Day this year was, Count Her In: Invest in Women. Accelerate Progress. To celebrate, we took part in a number of events to help spread awareness on the challenges women face and its effect on retirement. We also ran our popular Women & Super webinars which covered the positive changes that are occurring for women, areas for improvement, and tips and strategies to close the super gender gap.

Although research has shown the gap slowly closing over the last decade due to increased focus on the issue and improving the retirement outcomes for women,1 there is still more work to be done. Research still shows that women tend to retire with less super than men. The latest statistics show a 25% difference, with the median balance for those aged 60 to 64 at $211,996 for males and $158,806 for females.2

What can employers do to help bridge the gap?

To continue to support your employees and encourage women in the workforce, here are some actions you can take:

  • Ensure you pay super contributions on time. The minimum Super Guarantee (SG) is currently 11% and is set to increase to 11.5% on 1 July 2024.
  • Encourage your employees to stay on top of their super. They could consider finding any lost super, consolidating their super if they have more than one account, making extra contributions, and seeking out education and advice.
  • Chat to a Senior Employer Engagement Manager. We can help your employees set themselves up for retirement through our range of education sessions. Sessions are delivered online or at your workplace and, can be tailored to suit your business and the varying needs of your employees.
  • Provide equal opportunity in the workplace. Ensure women are given the opportunity to build their capabilities and have access to employment pathways that allow them to earn and lead.

1 Roy Morgan, Women are (slowly) closing the superannuation gap, 18 April 2023.

2 The Association of Superannuation Funds of Australia, ASFA Research: An update on superannuation account balances, November 2023.

Superannuation Guarantee increase on 1 July 2024

Under Superannuation Guarantee legislation, from 1 July 2024, the super contribution rate payable to your employees will increase from 11% to 11.5%. The rate will then progressively increase to 12% by July 2025. However, this rate may be higher if there is an Industrial or Enterprise Bargaining Agreement (EBA) in place.