Separate figures from the Tremendous Members Council present that including tremendous to parental go away would give a mom of 1 as much as $7500 further at retirement, and a mom of two as much as $14,500 extra.
The Girls’s Financial Equality Taskforce, led by distinguished businesswoman Sam Mostyn, really helpful in October final yr that the federal government instantly legislate so as to add superannuation funds onto its parental go away scheme.
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Labor has lengthy supported the thought and took the coverage to the 2019 election. Whereas it was not a coverage within the 2022 election marketing campaign, shortly after Assistant Treasurer Stephen Jones mentioned the federal government thought it was coverage, it was only a matter of price.
Social Companies Minister Amanda Rishworth mentioned paying superannuation on high of parental go away was a step in direction of gender equality and bettering ladies’s workforce participation.
“It helps normalise taking break day work for caring obligations and reinforces paid parental go away is just not a welfare fee – it’s a office entitlement similar to annual and sick go away,” she mentioned.
Latest analysis from consulting agency KPMG discovered that in 2019–20, the median superannuation steadiness for ladies aged 60 to 64 was $139,056, whereas for males of the identical age, it was $180,928.
Earlier than Worldwide Girls’s Day on Friday, KPMG’s head of superannuation, Linda Elkins, mentioned closing the gender superannuation hole didn’t want to come back at a big price to the federal government.
“The gender superannuation hole has proved some of the intractable areas of inequality in Australia,” she mentioned.
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