1,000 signatures reached
To: Australian Parliamentarians
Stand Up For Super! Stop the freeze on our super rate
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
• Over 1 million Australians currently don’t earn any super so can’t save for their retirement – over half of those women.
And things are not getting any better.
Plans to increase the superannuation guarantee to 12% by 2019 were abolished by the Liberal Government in 2014.
Instead, they froze super at 9.5%. For 18 years, super has only risen by 0.5% while cost of living has skyrocketed and we are living longer.
The freeze on super has meant that a woman on the median wage has already lost over $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. 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: Eliminate the minimum threshold for compulsory employer contributions of $450 per month in earnings, so that even if we only work for a few hours a month for a particular employer we are still paid superannuation. Too many people have been locked out of super for far too long.
3. 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.