As we laud the progress we’ve made on parental leave, I believe there has been a massive oversight that the government should address.
Starting from July 2024, Australian families will see an incremental increase of two weeks each year in their paid parental leave. By 2026, they’ll be entitled to a full six months. Notably, while this leave can be shared between parents, each will have a dedicated four weeks, emphasising the role of both parents in caregiving – a step in the right direction if you ask me.
When we look globally, parental leave policies vary dramatically. In some countries, new parents enjoy an entire year of paid leave, while others offer mere weeks or even none at all. It’s easy to dwell on what we might lack compared to others. But it’s important to remember the essence of gratitude and recognise what we have. This doesn’t mean we shouldn’t strive for more but instead means we should move forward with a positive perspective.
Sadly, there is still a significant discrepancy between the amount with which men and women retire. The fact is, women in Australia earn $1 million less on average over their lifetimes than men, and retire with $136,000 less in superannuation. This gap isn’t merely a financial divide; it’s a testament to the time women often take away from the workforce, typically to raise families.
Just because superannuation wasn’t taken into consideration with this iteration of the paid parental leave policy doesn’t mean you shouldn’t be thinking about it. It’s important, incredibly so. Business leaders too, like Bran Black of the Business Council of Australia, emphasise that such flexibility can potentially unlock greater female participation in the economy, adding a staggering $128 billion annually.rings true – even with these changes, Australia’s paid parental leave entitlements are comparatively low. And while we celebrate the progress, we must also remain steadfast in our commitment to further enhancing the support for families.
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