ANZ calls for action on women's savings

The bank announced yesterday that it would continue to pay employer contributions to its employees' KiwiSaver accounts while they are off work on parental leave.

ANZ general manager of human resources Felicity Evans said the move was part of its Wise Women campaign, which aims to raise awareness of the imbalance between men's and women's retirement savings outcomes.

The bank says Kiwi women retire with about $60,000 less than men, on average.

Evans said: “We have done this because we do not want our staff to be penalised for taking time out to raise families. This is a first for New Zealand and we hope it encourages other companies to also consider how they can support their employees in saving for their retirement.”