The rules do not work for working women. Women make up 46.2% of the Australian workforce, yet women continue to earn less than men, are less likely to advance their careers as far as men and accumulate less superannuation savings.
4 SEPTEMBER 2017 IS EQUAL PAY DAY.
This day represents the number of extra days women have to work after the financial year in order to earn the same amount that men earn in twelve months.
On this day, IEU members join with members from other ACTU unions to demand action to change the rules for working women.
EQUAL PAY GAP: SHORT CHANGING WOMEN
The national equal pay gap has hovered between 15% and 19% for the past two decades. Currently, the equal pay gap is 15.3%. This means that women earn on average $251.20 less per week than men.
This gendered income inequality is magnified in retirement due to the current superannuation arrangements. The Australian Human Rights Commission Report, Accumulating poverty? Women’s experiences of inequality over the lifecycle (2009) has shown that the average superannuation payouts to women are just over half that of men, with many women having little or no superannuation.
This statistic was also echoed by the Senate Inquiry into Economic Security for Women in Retirement (August 2016) which predicted that if immediate action was not taken, women currently aged between 25- 30 years would still face the same inequity upon retirement; even with the introduction of the Superannuation Guarantee Levy.
AUSTRALIA NEEDS TO REDOUBLE ITS EFFORTS TO ACHIEVE GENDER EQUALITY
Women are effectively losing a year’s income every 5.5 years. It is time to address this unfairness.