Outrageous! New Analysis Shows Millions of Aussie Women Are Being Cheated Out of Their Hard-Earned Superannuation

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A new study has found that in some industries, Australian women are losing up to $40,000 each in their superannuation, resulting in over a million being duped.

Industry Super Australia (ISA) has analysed the 2019-20 tax file and found that one out of five women is being underpaid super across the country. This issue is more prevalent among younger workers in lower-income roles.

According to Super Australia advocacy director Georgia Brumby, the collective cost of underpayments over seven years is $10.9 billion, a significant financial setback.

“One million women miss out on the opportunity to save for a financially secure future due to unpaid super,” she said.

“Many women retire with a third less super than men, which can be a crushing financial blow. This can also wipe out 10% of their savings, leaving many unable to recover.”

Based on the data, approximately 25% of women working in industries primarily employing females, such as child and aged care, hospitality, and personal services, must receive the correct amount of superannuation payments they are entitled to.

The research reveals that nearly 40% of women in their 20s earning less than $25,000 were offered lower salaries. This could lead to a loss of almost 10% of their savings, which, on average, could add up to $570 per year.

The data reveals that 25% of women under 40 have experienced being underpaid. However, Brumby suggests employers can address this problem and ensure every employee receives fair pay.

“Aligning the superannuation payment with wages benefits workers increases government revenue, improves investment returns, and creates fair competition among employers,” Brumby said.

“Paying superannuation on payday can help women increase their superannuation balance currently, as the government has not yet guaranteed other measures for equity, such as paying superannuation during paid parental leave.”

Women near retirement have approximately 33% less superannuation than men and are likelier to have lower earnings than men in similar roles.

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