According to the Australian Bureau of Statistics, in 2017-18 the median superannuation balance for women aged 55-64 was $119,000 compared to a median balance of $183,000 for men of the same age. There is a gender gap in superannuation that the government is aware of.
In the recent Budget, the government announced changes to superannuation guarantee payment rules to begin to help address this superannuation gender gap.
Currently, if you work part-time and earn less than $450 per month, your employer does not have to pay super on your earnings, nor do they have to increase your earnings by that amount. Women are considered more likely to be employed in part-time/casual roles affected by this rule, and as such, the rule impacts women’s super more so than men.
Presuming that the Budget announcement passes through parliament, from the 1st of July 2022, employers will have to pay superannuation guarantee payments for all employees regardless of the amount earned by that employee in any particular month.
This will be an extra cost on employers, and those who focus on employing low hour casuals (e.g. high school students), but should also help address the superannuation gap.
