Reshaping the system for an #equalfuture
In many aspects of their lives, girls start out ahead. So how do they fall so far behind? As soon as they enter the workforce, women start to earn less money than men. Put simply, the system is not designed for women to succeed. It’s time we created one that is.
Why the world needs reshaping
- Women earn up to 24 per cent less than men.1
- Women represent just under 40 per cent of the world’s labour force, but only control 30 per cent of the world’s wealth.2
- Women make up less than 23 per cent of all national parliamentarians. And, only 18 per cent of government ministers are women.3
- The number of women in senior roles has risen to 25%, but that’s up only 1 per cent from 2016. Since 2004, the increase has been just 6%.4
- Around 15 million girls between the ages of 6 and 10 — compared to 10 million boys — will never attend school if current trends continue.5
- Women do at least two and a half times as much unpaid work as men.6
- The full-time total remuneration gender pay gap is 22.4% — men who work full-time earn almost $26,527 a year more than women who work full-time.7
- Women returning to work within 12 months of taking parental leave suffered an average wage penalty (known as the “motherhood penalty”) of almost 7 per cent during the first year back, increasing to 12 per cent the following year.8
- One in three women are retiring with no super at all.9
- On average, women have just over half the superannuation savings of men at retirement age.10
- The national gender pay gap has hovered at 15% and 18% for the past two decades.11
- 28.9% of women over 65 are living in poverty.12
Creating a more equal world
At ANZ we are committed to doing what we can to support women and help them succeed. While there is no simple solution, to help change things we’ve started the following initiatives.
For our staff:
- In recognition that many women take time out from the workforce for children, we’re making an additional $500 super contribution each year to all our female employees in Australia.
- All staff will receive super contributions for their unpaid parental leave for up to two years on their return to work, which can be worth up to $100,000 in retirement for an average 30-year old female.
- We’ve introduced gender-balanced recruitment practices to help give every able candidate fair consideration.
- All roles at ANZ can be worked flexibly, ensuring we are better able to meet the needs of staff and customers.
- We’re supporting female leaders and women aspiring to senior roles through our Accelerated Banking Experiences for Women and Notable Women programs.
For our customers/the community:
- Among a number of recommendations made by ANZ, we have submitted a proposal to the Senate inquiry into economic security for women in retirement to amend the Sex Discrimination Act (1984) to allow employers to pay additional superannuation contributions to female employees.
- We’ve established ‘Given the Chance’, a refugee program giving meaningful employment and opportunities to men and women.
- We launched the ANZ MoneyMinded financial-literacy program which has helped nearly 420,000 people worldwide improve their financial skills.