Australia must urgently fix pensions gender gap

FILE PHOTO: Australian dollars are seen in an illustration photo February 8, 2018. REUTERS/Daniel Munoz/File Photo

SYDNEY: Australia must urgently address the pensions gender gap in the upcoming federal budget, warns a body representing the nation’s A$3.3 trillion (US$2.1 trillion or RM9.84 trillion) of retirement savings.

The government needs to make swift reforms to an industry that currently leaves retired Australian women with typically 23.1% less in their pension accounts than men, according to the Association of Superannuation Funds of Australia (ASFA).