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Superannuation favours high income earners

Superannuation will be paid on the 20 weeks of government-funded parental leave from July next year, as Labor accepts the urging of industry super funds, gender advocacy groups and government reviews to help close a stubborn gender gap in Australians’ retirement savings.

All eligible new parents are entitled to $882.75 a week, equivalent to five days of the minimum wage, for 20 weeks. But the leave payments do not include super.
Women currently retire with about 25 per cent less superannuation than men, and paying super on government parental leave was a key recommendation of the Women’s Economic Equality Taskforce last year.”

If Labor was serious about closing the gap between men and women’s salaries they would abolish superannuation all together as it not only favours men but high income earners.
The median super balance for a woman aged 60-64 is $158,000 while for men it’s $211,000. (See amounts highlighted in blue) Neither of these amounts will keep the 50% of people below these figures off the pension so superannuation is a complete and utter waste of time anyway.
Of course Labor will never get rid of superannuation because it allows them to control your money by using it to tell corporations they have to go woke which of course sends you broke.
What Labor should really do is lift the pension to ensure everyone can retire in dignity especially women.

If Labor were serious about respecting woman they should also sack Katy Gallagher for abusing Senate privilege by politicising an alleged rape charge. The behaviour of Wong, Keneally and Gallagher in weaponising a rape allegation for political purposes showed no respect whatsoever to women.

Quote from: afr.com

Image: superannuation.asn.au

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