B Together

Women and pension gaps

Today in Switzerland, we are voting for the pension reform. Pension gaps is another big gender inequality and that reminded me of an awakening article I read this year on the subject. Women should absolutely read it in order to understand how it works, prepare themselves properly for the future or readjust!

We are all well aware now of the 30% average difference of salary between men and women, for an equal position. But have you ever reflected on the consequences of such wage’s difference when it comes to retirement? Honestly, I did not as I was busy enough fighting to get recognition in my job.

Again, it all comes to EDUCATION. Yes we might have been informed about the retirement system and its rules (even if I do not remember exactly when or where). But once thing I am sure of, is that noone has ever explained to me or at least alerted me on the consequences of a part time job or if you do not work or a divorce etc…! Ok, my mistake I should have checked by myself but how can you try to dig deeper into a subject when you are not even aware of it.

Regarding Swiss vote today, opponents and supporter both agree on the need of  revision and securing the funding of Switzerland’s main sociality system: “the reform package aimed to raise the retirement age for women from 64 to 65 in line with men, a reduction in the so-called minimum conversion rate for assets accumulated in compulsory occupational pension plans to 6%, and a slight increase in value-added tax (VAT). To compensate, all new pensioners will receive an additional CHF70” as per Swissinfo.ch explanation.

Raising women retirement age at 65 is not a problem in itself, but do you know that it will never allow them to access to a full pension when they retire? simply because they will never have contributed enough in order to be entitled for it.

If you are based in Switzerland, please read this article that UBS has sent me a few months ago. It has truly opened my eyes on the measures we should all take before reaching retirement age. It has educated me on the subject and the impact of any life’s changes, expected or not . Please read full article UBS Pension Special Women

And if you are not in Switzerland, I encourage you to get more information about your country’s social system in order to know what to expect.

Be in control of your life!