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Super on parental leave adds $4250 to retirement balance

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The superannuation guarantee payments on government-funded paid parental leave, to be introduced in July next year, will pump an extra $4250 into the retirement balance of a mother earning the median wage, and cost taxpayers $1.1 billion over four years.

The policy is part of a range of measures aimed at improving women’s economic security, safety and health at a time when domestic and family violence has been dominating headlines.

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Sally Patten edits BOSS, and writes about workplace issues. She was the financial services editor and personal finance editor of the AFR, The Age and the Sydney Morning Herald. She edited business news for The Times of London. Connect with Sally on Twitter. Email Sally at spatten@afr.com
Joanne Tran is a markets reporter for The Australian Financial Review in the Sydney newsroom. Connect with Joanne on Twitter. Email Joanne at jo.tran@afr.com

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    Original URL: https://www.afr.com/policy/economy/super-on-parental-leave-to-add-4250-to-a-woman-s-retirement-balance-20240513-p5jd5l