#EqualPayDay and Superannuation

Arbitary image of a dress symbolising women

So I blogged about this barely a week ago, but yesterday was apparently Equal Pay Day. This is marks “the number of extra days the average woman must work to receive the same pay as the average man”. The gender pay gap is apparently 18.2%, which is up from the number I quoted from a March 2014 report, which was 14.6%. Has the number really gone up 3.6% in just a short 6 months?

Of course, this comes on the tails of Abbott’s recent superannuation ‘changes’, as part of its deal to repeal the mining tax, freezing the compulsory superannuation rate at 9.5%.

Not only do women earn on average 18 per less than men while they’re at work but they’re more likely to take time off work over their lifetimes for unpaid caring, which means less time to build up super.

One in three women have no super savings at all and the average superannuation payout for women is a third of the payout for men.

[...] Tony Abbott and Clive Palmer have decided to repeal the mining tax, so that the big mining companies making squillions get off scot free, and workers, especially low income workers, are left with less money for retirement.

As most of Australia’s low income earners are women – due to the gender pay gap and part-time or casual work for caring duties – women will be hardest hit by the government’s attack on super.

To make matters worse, the low income super contribution is set to being abolished from 2017, and those with university debts don’t get a ‘break’ from their interest compounding there either if those laws get through. It’s not only women who are set to luck out from these changes, but anyone who isn’t a high income earlier, like the high-rolling Abbott and Palmer duo.

Maybe I should have clocked off 18% earlier after all.