First published in The Australian on 1 August 2013.
SEX Discrimination Commissioner Elizabeth Broderick has urged more companies to pay women more superannuation to close the retirement gap with men.
Ms Broderick made the call after actuarial firm Rice Warner became the first company to give women a bigger super contribution than men.
Rice Warner said yesterday it was offering its female employees a package of benefits designed to bring their expected retirement savings into line with those of their male counterparts.
The package would include flexible working conditions, generous paid parental leave, superannuation payments and long-service leave accrued during parental leave and an additional superannuation payment of 2 per cent of salary.
A 65-year-old woman retires with an average $40,000 less than a 65-year-old man because women take more leave through their careers to raise children and care for elderly parents.
Ms Broderick said smart companies should look at ways to motivate their female workers.
“I encourage more companies to look at the Rice Warner initiatives and work out what they can do,” she told The Australian.
“Smart organisations realise that attracting and retaining female talent is key to building a successful business. It will take all of us to close the gap in retirement savings governments and individual businesses. The RW initiative is a good example of one company stepping up, taking leadership and in the process not only retaining and rewarding talented women but likely also attracting new business.”