CareSuper’s pay gap performance and support for parental leave superannuation

CareSuper, one of Australia’s leading superannuation funds, supports the recently announced changes around superannuation being paid by the Federal Government in addition to the current parental leave payments. 

CareSuper Chair Linda Scott commented: “CareSuper fully supports the proposed measure to start paying super on Parental Leave. It is as a positive step for members to help close the retirement savings gap at a time when women are retiring on average with about 25% less than men. This initiative is fully aligned with our unwavering commitment to gender equality and financial security for our members. Superannuation isn’t just about numbers; it’s about nurturing dreams, confidence, and empowerment”. 

This announcement follows data from the Workplace Gender Equality Agency (WGEA), which reveals CareSuper had the lowest pay gap among superannuation funds of just 6.8 percent. CareSuper’s 2023 mean gender pay gap is significantly lower than the Industry Comparison Group’s 31.3 percent. This remarkable progress demonstrates commitment to equity in retirement. Narrowing the gender pay gap helps ensure that workers —regardless of gender—can retire with confidence, knowing their superannuation reflects their true worth. 

This is positive for the wider community, aligns with CareSuper’s commitment to fairness and equality in retirement savings. CareSuper recognises that the journey is ongoing and will continue to support the development of initiatives to reduce the superannuation pay equity gap. 

CareSuper is more than a superannuation fund; we’re community committed to supporting our members every step of the way. Our focus on women’s economic security remains a key focus. CareSuper is one of Australia’s largest and most awarded industry super funds. With over 30 years of experience, we’re dedicated to providing exceptional superannuation and retirement solutions to our members. Our commitment to transparency, low fees, and strong investment performance sets us apart. Join CareSuper today and secure your financial future.