Equip will continue to pay superannuation guarantee contributions into its employees’ super accounts during paid and unpaid parental leave to help keep their retirement savings on track during these career breaks.
Equip Executive Officer, People and Culture, Sarah Guthleben, said the fund had considered the enhancement in the context of its ‘Move the Dial’ campaign to address the gender savings gap in super, but had decided that also including male employees in the arrangement better reflected the trend towards more men taking on nurturing responsibilities for young families.
“Naturally, it means we’re walking the talk in terms of helping close the gender savings gap created when women take breaks from work. However, our initiative not only recognises that some men are taking on family responsibilities, but that we can also encourage them to do so,” she said.
While the average difference of about 18% in male and female earnings is a substantial contributor to super’s gender savings gap across the Australian community, it does not apply for Equip employees, for whom the salary structure is based on role and is agnostic to gender.
Equip’s Executive Officer, Strategic Marketing and Communications, Geoff Brooks, said it was important that super funds themselves ensured their own employee benefit design demonstrated commitment to moving the dial for female workers if they expect the wider business community to do so.
“If we’re talking to employer sponsors about the issue, then our own practices must reflect the fact that we’re committed to, not only helping employees to building their retirement savings through career breaks, but also to closing the gender pay gap, which is recognised as a primary driver of gap between male and female savings,” he said.
Equip’s online Move the Dial campaign has, since its launch in August, attracted visits from nearly 4,500 people who have been keen to use the comparator tool to see how their super savings stack up against men and women around their age.
