Here's a plan to fix gender gap
Businesses are being urged to transfer 20% of their profits for the next five years into a fund that can be used to address the gender pay gap.
Dr Pushpa Wood, the director of financial education and research at Massey University, also wants firms to do a financial resilience health check on all their employees, identify where gender pay gaps exist and develop strategies within the next three years to deal with them.
And a baseline needs to be established so when women go on parental leave, that baseline amount is automatically transferred to their KiwiSaver accounts.
Wood’s comments came during a recent panel discussion hosted by the Financial Services Council as part of its three-month campaign aimed at improving women’s financial wellbeing.
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