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Gender super gap

Gender super gap

Claims cutting super will hurt retirement plans of Gippsland women

Industry Super Australia says an alarming gender super gap sees the typical Gippsland woman retire with almost $160,000 less super than men.

The industry super fund says without urgent action to arrest the slide, women will keep falling further behind.

Gippsland women on the cusp of retirement have a median super balance of just $145,700 – well below the $545,000 needed for a comfortable retirement," Industry Super Australia advocacy director Georgia Brumby said.

These stark figures highlight the need to lift the super rate as legislated from 9.5% to 12%, according to the superannuation fund. They say women on middle to low-income are the most likely to get the legislated super boost, lifting the rate is part of the solution to fix the gender imbalance and will give women the financial power to choose how they live in retirement.

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"A 30-year-old woman on the median wage could have up to $85,000 less at retirement if the super rate is cut, which could cause a generation of Gippsland women to suffer further economic insecurity.

"At all ages, Gippsland women have less super than men.

"The gender super gap sees a sharp increase to almost 40% when Gippsland women enter their 30s, a period where many women take time out of the workforce.

"This gap widens to almost 60% in a women’s early 50s.

"Gippsland women also fall behind the state and national female median super balances.

“It is time we bridged the gender gap in super – if local MPs don’t act now local women’s savings will keep falling further behind.

“Gippsland MP Darren Chester has a simple choice he can fight to deliver the promised super boost and get super paid on every dollar earned or explain to female voters why he thinks it’s ok for many local women to retire into poverty,” Ms Brumby said.

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