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Perhaps the biggest topic of discussion was the lack of super payments in paid parental leave, which had been extended from 18 to 26 weeks in the 2022-23 Budget.
Research by Industry Super Australia found that 68 percent of Australians mistakenly believe that super is paid on top of parental leave. In an effort to help bridge the gender super gap, Active Super will pay primary caregivers superannuation guarantee (SG) contributions for up to 12 months on paid and unpaid parental leave.
The fund will also extend parental leave entitlements for primary caregivers by 50% from the existing 12 weeks to 18 weeks, and secondary caregivers will now receive four weeks leave at full pay and SG contributions, up from one week.
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On average, women retired with about a third less super than men and paid super on parental leave could have led to at least $14,000 more for a mother of two at retirement, according to Industry Super Australia (ISA) chief executive, Bernie Dean.
This is an extract from an article written by Rhea Nath for Super Review, published on 3 January 2023.
Read the full story: Addressing the super balance gap - Super Review
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