Women earn less than men – and therefore have worse pension outcomes
South Africa has a gender pay gap of between 23% and 35%, according to the International Labour Organization.
The average global gender pay gap is about 20%.
The gender pay gap refers to the difference in wages between men and women for work of equal value.
The Money Show’s Bruce Whitfield interviewed Vickie Lange of Alexander Forbes about how the gender pay gap is affecting pension outcomes (scroll up to listen – skip to 4:17).
They also discussed in detail the 2021 Global Pension Index Report which ranked South Africa's pension system 31st in the world.
The world's best pensions systems are those of Iceland, the Netherlands and Denmark.
There’s an extension of the gender wage gap. We’re seeing a gender pension gap as well. Women have shorter careers, normally due to care responsibilities… It’s reducing their lifetime income, and hence it follows them through into retirement.Vickie Lange, Alexander Forbes
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