Coalition renews calls for super in PPL

12/01/12

The Government should match the Coalition’s commitment to mandatory superannuation payments in its Paid Parental Leave scheme as part of its commitment to ensuring financial security for women in retirement, shadow spokesperson for the Status of Women, Senator Michaelia Cash said today.

Latest figures from Roy Morgan show taking time off work to have children is one of the major reasons the average Australian woman has 40 per cent less than the average man in the bank for retirement. [http://www.roymorgan.com/news/press-releases/2012/1539/]

‘The difference between average superannuation first starts to appear around the age of 25, and increases sharply for the next 20 years of a woman’s life,’ Senator Cash said.

‘By age 70, the average woman will have $250,000 in the bank in super, while the average man will have $450,000. The disparity based on median super balance is even greater.’

‘Financial security for women is something we saw Kate Ellis, as Minister for the Status of Women, pay lip service to, but take no real action on.’

‘Labor’s Paid Parental Leave scheme does not include any superannuation. The Coalition’s Paid Parental Leave scheme includes super payments at a mandatory level, because the Coalition believes women should not be disadvantaged when the time comes to draw on retirement savings.’

‘What will the new minister for the Status of Women, Julie Collins, show she has to offer by way of policy in this area? Inclusion of superannuation in the Government’s Paid Parental Leave scheme would show Minister Collins was taking a step in the right direction.’