Labor pledges 12% superannuation on publicly funded paid parental leave

7 months ago 45

Plan designed to help close retirement savings gap between women and men is expected to cost $250m a year from July 2025

Parents will receive 12% superannuation – or about $106 a week – on their publicly funded paid parental leave from July 2025, under a major initiative to be announced by the Albanese government.

The decision, expected to cost at least $250m a year to the federal budget, responds to calls from the Women’s Economic Equality Taskforce, unions and the crossbench to pay super on PPL as a way to help close the retirement savings gap between women and men.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...
Read Entire Article