Labor has introduced legislation which will allow new parents to be paid super while on government-funded paid parental leave.
New parents could soon see a big boost to their retirement savings after a major change to superannuation was introduced to parliament on Thursday.
The payment would be based on the Superannuation Guarantee, amounting to 12 per cent of their Paid Parental Leave payment. “Investing $1.1 billion over the forward estimates to pay superannuation on Paid Parental Leave is a key step in prioritising gender equality as most recipients are women who will have lower superannuation balances. The measure will directly reduce the impact of parental leave on retirement incomes.
Advocacy group The Parenthood on Thursday welcomed the news, with its CEO Georgie Dent saying it was a huge step towards fighting sky-high parenting costs.
Retirements Paid Parental Leave Savings Superannuation
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Young Aussie signs six-figure deal with major retailer7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Major Aussie concerns over Paris Olympics Opening CeremonyFewer than a quarter of Australia’s athletes will participate in the Olympic Games opening ceremony in Paris on Friday night amid concerns about a lack of toilets on the boats that will transport them down the River Seine.
Read more »
Two embattled Labor ministers to be targets of major Albanese reshuffleLabor minister Andrew Giles could be dropped from his immigration portfolio after two MPs announced they will retire from politics at the next federal election.
Read more »
Labor reappoint ASIO chief to National Security Committee in major backflipAustralian spy chief Mike Burgess has been reinstated as a permanent member of the National Security Committee after initially being removed just six months into the Albanese government’s first term.
Read more »
CFMEU Labor: Fear of union power and reprisals keeps major builders, developers and bosses silentMajor builders and developers say union power is driving up the cost of housing and infrastructure projects, and they don’t want more trouble on their sites.
Read more »
Staggering revelation about iconic British landmarkA team of Aussie researchers have unveiled a groundbreaking revelation about iconic British landmark Stonehenge.
Read more »