1,000 signatures reached
To: Australian Parliamentarians
Stand Up For Super! Pay super on every dollar earned & get super working for women
The superannuation system is failing women:
• 1 in 3 women will retire into poverty.
• The superannuation balances of women are 47% lower than for men
Super isn’t paid on every dollar earned so many women go years without being able to add to their retirement savings.
And things are not guaranteed to get much better.
In 2014, the Liberal Government placed a freeze on superannuation – stopping it from rising to 12% by 2019. From July 2021 we will finally see an increase to 10%, but future increases still remain under threat.
This extensive freeze on super has meant that a woman on the median wage has already lost more than $4,000 in super since 2014.
A 30-year old woman could lose another $93,000 by the time she hits retirement, and a family will be over $240,000 worse off by retirement.
Every day we ignore this problem, the impact gets worse. Cost of living is going up and we are living longer. Urgent action needs to be taken to get super working for women.
We call on our parliamentarians to:
1. Immediately implement the planned increase to 12% super so that women don’t lose any more of their planned retirement savings.
2. Pay every worker super on every dollar earned and help close the gender super gap by paying super on paid parental leave as well as on all government carer and family payments.
4. Put in place structures that encourage superannuation contribution sharing when only one parent is working.
5. Fund government co-contribution top-ups for workers who are not on track for a decent retirement.
We need to lock in a secure retirement for all women. We must upgrade the super system we’ve already built to guarantee a secure, dignified retirement for all working people.
We can’t let the Morrison Government continue to gamble away our retirement savings.
Why is this important?
The Australian Services Union is campaigning to Get Super Working For Women, following recent research which shows that the current superannuation system is failing women. Women are retiring into poverty, with only, on average, half as much superannuation as men.