CLOSE THE GENDER PAY GAP
Wage inequality is still a very real problem for women, but by getting the facts you can put yourself in the best position for a financially healthy retirement
WOMEN STILL EARN LESS THAN MEN
“The latest data from the Australian Bureau of Statistics shows the national gender pay gap is 13.4 per cent for full-time employees – a drop of 0.6 percentage points over the past six months,” says Effie Zahos, editor-in-chief of Canstar and author of Ditch the Debt and Get Rich.
“In dollar terms that translates to men taking home an extra $242.20 per week when compared to women.”
BUT THE GAP IS SHRINKING
“According to the Workplace Gender Equality Agency (WGEA) the drop is in part due to an increase in the number of men in lower-paid full-time employment,” says Zahos. “Full-time male workers earned an average of $1804 a week compared with $1562 for women. The WGEA expects to see more labour market volatility over the next 12-24 months as the nation settles into a new post-COVID-19 employment environment. As the nation’s recovery progresses, it believes the gender pay gap will increase again.”
AM I BEING PAID WHAT I’M WORTH?
“It’s important that you know your worth,” Zahos says. “There are plenty of online tools to help you work out what the average pay is in your industry. Be sure to compare your salary to those of other employees doing the same job at both your company and other companies. If you believe you’re being underpaid, it’s best to contact the Fair Work Ombudsman.”
RIGHT NOW MAY NOT BE THE EASIEST TIME TO ASK FOR A PAY INCREASE
“That’s because even before the pandemic recession, wage growth was pretty much non-existent,” Zahos says. “Having said that though, there are a number of ways to boost your income without actually asking for cold hard cash. For instance, additional holidays, a car allowance, flexibility in working hours and further education are all viable alternatives to pay increases.”
THE TIME TO GET SKILLED ON FINANCE IS NOW
“Financial capability gives women the tools and confidence they need to exert their own decisions and this is extremely important given the financial landscape,” Zahos says. “Women live longer, earn less, take time out of the workforce to raise children or care for aged parents; and may run a single-income household after a divorce. Odds are stacked against us, which is why financial literacy is so important. If we don’t know the strategies to make the most of what we do have then we will be left behind. Money won’t buy happiness but neither does being broke.”
THE NATIONAL 13.4% GENDER PAY GAP IS
FOR FULL-TIME EMPLOYEES *
MEN TAKE HOME AN EXTRA $242.20
PER WEEK WHEN COMPARED TO WOMEN *