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 men1
- women represent just over 40 per cent of the world’s labour force, but only control 30 per cent of the world’s wealth2
- women make up less than 23 per cent of all national parliamentarians. And, only 17 per cent of government ministers are women3
- the number of women in senior roles has risen just 3 per cent in the past five years, to 24 per cent4
- there are still 31 million girls of primary school age out of school. Of these, 17 million are expected to never enter school5
- women spend an average of 4.5 hours a day on unpaid work. Men spend less than half that time.6
- the full-time total remuneration pay gap is 23.1 per cent, with men earning on average $26,853 a year more than women7
- 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 year8
- about 90 per cent of Australian women will retire with inadequate savings to fund a comfortable lifestyle in retirement9
- retirement savings for female pre-retirees is still less than two-thirds (63 per cent) of their male counterparts. Men have an average super balance of $232,000 compared to $368,000 for men.10
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’ve launched a specialist women’s financial advice phone service with extended hours (8am to 7pm weekdays).
- We are offering free super advice through this phone service for anyone who has less than $50,000 in total super.*
- We launched the ANZ MoneyMinded financial-literacy program which has helped nearly 420,000 people worldwide improve their financial skills.