Paying super on parental leave will add billions of dollars to the retirement funds of parent carers across the country. But it’s not enough.
You probably know that women typically retire with 25 per cent less super than men. But do you realise that’s because super is – while notThere is more than one reason men usually retire richer – women typically live longer , earn less and are more likely to take a career break to raise children.discriminating factor has been fixed this week: the lack of super on paid parental leave . Here’s what’s happened.
The payment of super on PPL will add billions of dollars to the collective retirement funds of parent carers – of any gender – across the country.of $175,788 or less as an individual, or if you don’t meet the individual income test, you can use a family income test of $364,350. That’s for the 2023-24 financial year, as it’s the one before the birth or adoption of the baby that counts.
From July 1, 2025, you’ll now also get a maximum super payment of about $3000, paid as a lump sum at the end of the financial years you receive PPL – with interest.
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