The Government's Paid Parental Leave scheme is changing from today, but it still does not include superannuation payments that advocates say are crucial to securing women's long-term financial security.
The Government's Paid Parental Leave scheme is changing from today, but it still does not include superannuation payments that advocates say are key to securing women's long-term financial security.Including superannuation would cost roughly $207 millionEarlier this month, Parliament passed changes to the Federal Government's PPL scheme meaning people can take the last six weeks of their leave more flexibly instead of it being in one block.
Gemma Gooding says she thinks a lot of women would not realise superannuation was not included in Paid Parental Leave.According to statistics from the Department of Social Services, Paid Parental Leave — the majority of which was accessed by women — cost the Government $2.8 billion over 2018-2019, meaning super at the current guarantee rate of 9.5 per cent would cost roughly $207 million a year extra.
According to the latest data from the Australian Bureau of Statistics, the gap between the median superannuation balances for women and men aged 55-64 was $64,000.Ms Gooding said as well as the Government taking leadership on the issue, companies could also help the cause. The Government set aside $150 million in the last budget for grants to improve women's participation in sport.
But Ms Buckley noted that spending now would mean women had greater financial independence from the Government down the line. "So we're sending a message that says when we are giving you small amounts of payments to do particular caring roles we don't care about your superannuation balances enough to actually give you a small amount of compensation along the way."
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