That women retire with half the superannuation balance of men, on average, is a clear case of imbalance that should be addressed through extra super payments to female employees, argues ANZ.

Australian Bureau of Statistics research released by The Association of Superannuation Funds of Australia (ASFA) in 2014, show women retire with nearly half the super balance of men.

In its submission to the Australian Senate's inquiry into women's economic security at retirement (PDF), the bank says federal and/or state legislation should change so it is clear to employers they can legally pay extra super to women.

"There should be clarity and national consistency in Australia's anti-discrimination legislation that expressly allows all employers to make higher superannuation contributions for women (but no more than is required to redress the gender imbalance in this area)," the bank states.

Last year, ANZ announced it would pay its female employees an extra $500 in super a year. This followed a similar step by financial services consultancy Rice Warner which began paying its female staff additional super of 2 per cent of salary in 2013.

"We project that for millennials this policy will result in an additional $61,600 over the course of their career, and for Gen Y, an increase of $26,100. A woman in Gen X can expect an increase of $14,800 by the time she retires," states ANZ in its submission.