Not so super 'Super changes' for Working Mums

The new lauded Superannuation changes coming into effect from today actually have little relevance for working mums.

An article in The Age newspaper today states:

'According to a report released by the Association of Superannuation Funds of Australia in June 2007, the average retirement payout for men retiring in the 2006-07 year is likely to be $130,000, while women, on average, will receive a meagre $45,000.

The reasons for the low payouts for women are disturbing and can be traced back to discriminatory work and superannuation policies over the past 50 years. Women were paid half the money men were paid for the same job until the laws were changed in 1975. Even now, according to countless studies, women are paid less than men in similar roles, although the gap is closing.

Today, family responsibilities, including rearing children and caring for elderly parents, still predominantly fall on women's shoulders. Women, if working, are more likely to have part-time rather than full-time work, although female participation in the workforce is increasing.

The Superannuation Guarantee still only applies to workers earning more than $450 a month, and women on paid maternity leave are still not entitled to the guarantee.

One of the more innovative Government super policies, the co-contribution scheme, promoted as a female-friendly policy, excludes many women because it is only available to the self-employed and employees. The co-contribution scheme involves the Government paying a tax-free super contribution of up to $1500 each year, if an individual makes a $1000 after-tax contribution each year to a super fund — but you have to be working.'

What about the part-time working mums amd women on maternity leave - as well as stay-at-home Mums?

For full article, see http://www.theage.com.au/news/business/super-changes-dont-add-up-to-much/2007/06/30/1182624234571.html