The Labor Party has announced a raft of measures to help strengthen women’s superannuation balances as part of a $400 million package.
One of these measures includes phasing out the $450 minimum monthly income threshold for eligibility for the superannuation guarantee.
The income eligibility threshold, Labor said, disadvantages people who work part-time, casual and in multiple low‑paid jobs.
Labor said it also plans to implement measures that will make it easier for employers to make extra payments into a woman’s superannuation fund and improve transparency by publishing the impact of any future changes to super on women.
As part of the measures, it will also ensure that recipients of Commonwealth Paid Parental Leave and Dad and Partner Pay payments continue to receive super contributions.
In a public statement, Opposition leader Bill Shorten said despite all of its successes, superannuation is still not working effectively for women.
“By the time they are 60, 34 per cent of single women in Australia live in poverty,” said Mr Shorten.
“This is a complex issue. While today’s measures won’t end the problem, they will help reduce the inequity in the system.”
Really dumb idea. This does not increase overall income. It simply means up to 12.5% of an already low wage is going to to be taken off with no access until age 70 to again feather the nests of the execs of the big superfunds. Politicians are in their pocket. Ridiculous!!!