Rice Warner implements Retirement Savings Equity

Rice Warner has recently received recognition as a finalist in the 2014 NAB Women’s Agenda Leadership Awards for Best Employer Initiative. The recognition follows the release of Rice Warner’s Valuing Females Package to female employees which aims at addressing the gender imbalance that affects the retirement incomes of the majority of Australian female employees.

The package was introduced in July – in what is believed to be an Australian business first, the Rice Warner Valuing Females Package offers female employees at Rice Warner a package of benefits designed to bring expected retirement savings outcomes into line with those of their male counterparts.

The package includes flexible working conditions, generous paid parental leave, superannuation payments and long service accrued during parental leave, access to an educational program and an additional superannuation payment of 2% of salary.

Rice Warner Deputy CEO, Melissa Fuller, who led the firm’s research into the retirement savings gap for females, said her investigations helped spark her interest to uncover practical solution suitable for Rice Warner, in respect of its own female staff, to help redress the financial wellbeing challenges faced by females in retirement.

“This is an important employee benefit, designed specifically around the issues females face in saving adequacy for their retirement. Of course we can’t control inequities within society or the superannuation system, but we are pleased to show positive change is possible by focusing on those areas where we can make a difference.”, said Fuller.

For further insight on the research behind this initiative, please see full report – Valuing Females and Rewarding them in Retirement.