Latest news with #WGEA
Yahoo
15 hours ago
- Business
- Yahoo
$3,000 superannuation boost coming for Aussies from July 1: 'Huge difference'
Superannuation will soon be paid on the government's parental leave payments. The change means Aussies could receive nearly $3,000 extra into their retirement fund, which could make a 'huge difference' over time. Parents with babies born or adopted after July 1 will receive the additional superannuation payment when they receive paid parental leave. This will be 12 per cent of their payment, in line with the super guarantee rate increase. UniSuper senior private client adviser Melinda Brown told Yahoo Finance the changes also coincided with paid parental leave increasing from 22 to 24 weeks. It will increase again on July 1, 2026, up to 26 weeks. RELATED Devastating superannuation tax reality hitting 50,000 Australians in growing trend Centrelink age pension changes coming into effect from July 1 $1,000 ATO school fees tax deduction that Aussies don't realise they can claim 'At the minimum wage and with the super contribution of 12 per cent, that's nearly $3,000 that's going to be put into their superannuation,' she said. 'Compounding over a number of years, it is going to make a huge difference. Especially as we know that women generally retire with 25 per cent less in superannuation than men.' Paid parental leave is based on the minimum wage, which will increase by 3.5 per cent to $24.95 per hour, or $948 per week, on July 1. The move is expected to improve the retirement balances of around 180,000 Australian families each year. In Australia, WGEA data found 68 per cent of employers offer access to paid parental leave on top of the government scheme. The majority (87 per cent) who offer paid parental leave also pay superannuation for parents while they are on leave. For workers who don't, Brown said it can be worth asking your employer if they will pay super during your leave. 'The more an employer is asked this question, the more they may decide to think about actually paying super on parental leave,' she said. If you are eligible for parental leave pay, the Australian Taxation Office (ATO) will pay a super contribution directly to your super fund. This is called the Paid Parental Leave Superannuation Contribution (PPLSC). If you share your parental leave, each parent will get the super contribution based on how many days they use. It will be paid automatically after the relevant financial year ends, starting from July, 2026. Brown said it was important for parents to take proactive steps to prepare their super before they go on parental leave. That includes checking your insurance, as inactive super accounts may lose cover unless you elect to keep it. 'That can happen if it's been over 16 months since you've had a contribution,' Brown told Yahoo Finance. 'So you can actually ask your super fund. There's usually a form where you can just elect to ensure that you do keep that cover.' It can also be worth considering voluntary contributions before or during your leave to help grow your super, or spouse contributions or splitting. 'At the end of each financial year, you can split the super contributions received from the employer so your concessional contributions, you can split to your spouse if you wish,' Brown said. "It's up to 85 per cent of the concessional contributions. So they do allow for the 15 per cent contribution tax, and it's also limited to the concessional cap.' If you have multiple super accounts, it could also be worth consolidating them to save on fees. You can get this through myGov. It may also be worth considering your investment mix and getting financial advice tailored to your circumstances. 'A lot of super funds these days do provide limited advice at no extra cost to you. So it can be a really good time to have a chat to your super fund about what services they can help you with,' Brown pour accéder à votre portefeuille
ABC News
21-05-2025
- Business
- ABC News
Releasing public sector pay gaps increases accountability, says WGEA CEO
Workplace Gender Equality Authority chief executive Mary Wooldridge says the new data places a spotlight on public sector employers and enhances transparency and accountability, which is a catalyst for further action. #ABCBusiness
The Australian
21-05-2025
- Business
- The Australian
WGEA: PS women earn $8200 a year less than men
Women in the public sector earn on average $8200 a year less than men, according to landmark analysis of public sector pay gaps by the Workplace Gender Equality Agency. The WGEA's examination of 120 public sector employers and two corporate groups found that more than half had reduced their gender pay gap in the past 12 months. According to the WGEA data, the median total remuneration gender pay gap was 11.3 per cent at the CSIRO; 9.8 per cent at the ABC; 8.6 per cent at Australia Post; and 4.8 per cent at the Australian Taxation Office. The median gap at the Australian Federal Police was 12.2 per cent; 11.5 per cent at the Reserve Bank; 1.9 per cent at SBS; and 1.3 per cent at NBN Co. About 50 per cent of public sector employers have a gender gap below 4.8 per cent, a point known as the employer gender pay gap mid-point. The private sector mid-point is 8.9 per cent. Across all employees in the public sector, the average total remuneration gender pay gap is 6.4 per cent, compared to 21.1 per cent in the private sector. WGEA chief executive Mary Wooldridge said nearly half of the employers in the sector still had a gender pay gap in favour of men, and while they were often smaller than the private sector, as evidenced by the 4.8 per cent mid-point gap, 'this does nevertheless show that work still needs to be done to improve gender balance in both pay and composition'. Ms Wooldridge pointed to payments above base salary, which the report showed was a key contributor to the gender pay gap. The value of payments above base salary including overtime, performance bonuses and superannuation added $5373, or 3.6 per cent, to the gender pay gap, indicating they offered more financial reward to men than women. 'Releasing public sector gender pay gaps for the first time today places a spotlight on these employers, like it has done in the private sector. This enhanced transparency and accountability is a catalyst for further action,' Ms Wooldridge said. She said the results pointed to how progress can be achieved when employers use long-term and deliberate actions that address gender equality. 'The commonwealth public sector has achieved gender balance in the composition of the workforce, at managerial level and in the upper quartile of remuneration,' she said. 'This is a critical driver of the lower gender pay gaps reported today. The results also show that employers are taking action to improve equality in their workplaces.' Nation CCTV of Erin Patterson's 9-second bathroom break a day after hosting the fatal mushroom lunch has been shown to the jury in her triple-murder trial. Nation Premier Chris Minns has issued a scathing statement as hundreds of commuters were left stranded after a power outage brought the city's train network to a grinding halt.
News.com.au
20-05-2025
- Business
- News.com.au
New data reveals men earn more than women in public sector but gender pay gap narrower than private employers
A bombshell report on Australia's public sector has exposed a shocking gap between how much men are earning compared to women. The report, released by the Workplace Gender Equality Agency (WGEA), shows men earn on average $8200 more than women who work across Commonwealth government agencies, departments and businesses. For every $1 a man earned, a woman made 94 cents. The report found 45 per cent of public sector employers have a median pay gap within five per cent of the target range, compared to 31 per cent of private sector employers. A similar report released in March found men earned on average$28,425 more than women in the private sector. Public sector employers include Australia Post, the ABC, SBS, Australian Federal Police, NBN, Reserve Bank, CSIRO, Snowy Hydro, Red Energy as well as Federal Government departments and agencies. Half of public sector employers have a median total remuneration gender pay gap lower than 4.8 per cent, compared to 8.9 per cent in the private sector. WGEA chief executive officer Mary Wooldridge said the results showed progress could be achieved when employers addressed gender equality. 'The Commonwealth public sector has achieved gender-balance in the composition of the workforce, at managerial level and in the upper quartile of remuneration,' she said. 'This is a critical driver of the lower gender pay gaps reported today.' Ms Wooldridge said the results also showed employers were taking action to improve equality in their workplaces, with 51 per cent of employers improving their median total remuneration gender pay gap in the past year. 'Pleasingly we have also seen large rises in the number of employers conducting a gender pay gap analysis, acting on the results and consulting with employees to understand their experience at work,' she said. 'These actions are crucial steps to help employers gain greater understanding of the drivers of their individual gender pay gaps and to implement relevant and evidence-informed actions to address them.' Ms Wooldridge said while progress had been made there were some areas that needed improvement with only 11 per cent of men accounting for all carers leave taken, and 49 per cent of employers having a gender pay gap that favoured men. 'Workplace gender equality benefits everyone, so it is important that barriers for men are also addressed,' Ms Wooldridge said. 'With changes in access to parental leave now enacted, Commonwealth public sector employers need to work deliberately and strategically to drive cultural change that removes real or perceived penalties for taking time out for caring roles and ensure more men have confidence to take primary carer's leave.'
Yahoo
27-03-2025
- Business
- Yahoo
Major change for group of Aussie workers
Large businesses in Australia will undergo a major change to address workplace gender equality after a bill passed parliament on Tuesday. Recent data published by the Workplace Gender Equality Agency (WGEA) found the total remuneration average gender pay gap in Australia was a difference of $28,425 over the course of one year. A review of the Workplace Gender Equality Act identified target-setting was an effective way to improve gender equality in the workplace. Organisations that employ more than 500 people in Australia are now required to implement three gender equality targets into the workplace, and will have three years to achieve or make progress on their targets. Employers can choose which targets they select from a menu, with priority areas covering the gender pay gap, workforce and board composition, support for carers and parents, consultation and prevention of sexual harassment. The changes will apply to nearly 2000 employers and benefit an estimated 3.9 million employees. WGEA found 56 per cent of employers covered by these reforms already had gender equality targets, and about one-third had set three or more targets which met the new requirements. Employers who fail to meet the new requirements risk losing Commonwealth contracts, and will be named and shamed by the agency. WGEA chief executive officer Mary Wooldridge said the new requirement was introduced to accelerate employer actions to ensure all employees were equally valued, rewarded and safe at work. 'While many employers are making great progress on gender equality, there is also a large group of employers who are not,' she said. 'Employers indicate that even when they are aware they have a significant gender pay gap, many haven't taken action to reduce it. 'Targets are specific, time-bound and measurable objectives that set a benchmark for employers to work towards. The evidence available shows they are effective in driving real change. 'By introducing a target setting requirement, Australia is ensuring large employers are publicly accountable to take action and make demonstrable progress towards gender equality.'
