Actuarial group Rice Warner is offering female employees 2% more superannuation and other benefits, as it tries to bridge the gender gap in retirement savings.

The package, thought to be an Australian first, also includes flexible working hours, up to 18 weeks’ fully paid maternity leave, long-service leave accrual and super payments during parental leave, and a financial educational program.

Deputy CEO Melissa Fuller told insuranceNEWS.com.au she developed the program after Rice Warner conducted research for the Financial Services Council on the overall retirement savings gap, which included looking at the gender gap. 

It found the average 65-year-old woman retires with about $40,000 less than a man of the same age, often because women take time out from work after having children.

The new arrangements, approved by the Australian Human Rights Commission, started for all Rice Warner’s female staff on July 1.

Ms Fuller says the package took about a year to implement and has been well received by all staff, plus other companies and clients.

“They understand what we’re trying to do is put a bit more equality back into the system. Unfortunately, because the system is based on wages, it is detrimental to females.

“The key driver for us was to look after female employees but we also hope it inspires [other companies] to at least look at the issue.”

Australia’s total female savings gap is $383 billion, according to Rice Warner.