Beyond the pay gap: The retirement disadvantage of being female
Keywords:Kiwisaver, pay gap, gender discrimination, retirement, Ministry for Women, lifetime income
The gender pay gap in New Zealand is often discussed in terms of hourly wages or represented by the idea that women effectively work for free from 14 November until the New Year (Lawless, 2017). What isn’t often considered is how the disparities in earning, promotion opportunities and time out of the workforce for family can compound into an exponential affect on retirement savings, like so much interest never received. According to the ANZ bank, the average woman retiring in 2017 will have $80,000 less in her KiwiSaver account than if she were male (Edmunds, 2017b), and the gap is growing: back in 2015 it was $60,000 (Parker, 2017; ANZ, 2015).
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