super on paid parental leave
We're calling for fairer super rules around paid parental leave. The first step is for the government to start paying super on the Commonwealth Paid Parental Leave Scheme.
closing the super gap for parents
What needs to change?
We believe women who take time out of the workforce to care for children shouldn’t be penalised with financial insecurity in retirement.
That’s why we’re calling for policy solutions that address super contribution caring gaps. This will help increase women’s super balances and improve their financial security in retirement. The first step is for the government to start paying super on the Commonwealth Paid Parental Leave Scheme.
How does it benefit HESTA members?
For a member taking 18 weeks of paid parental leave on the Government leave scheme, the inclusion of super will add $7,000 per child at retirement.
As well as the direct value to their super, fair and equitable workplace benefits help improve women’s workforce participation — ensuring value in the companies we invest in by fostering a diverse and sustainable culture that supports long-term value creation. This helps maximise long-term financial outcomes for HESTA members from investments in these companies.
what HESTA members are telling us
Our research shows a significant proportion of our members are stressed about the financial penalty they will pay later in life from taking time out of the workforce to raise children, and want government action to address this super inequity.*
9 out of 10
strongly agree that changes are needed in Australia’s super system to boost women’s financial security in retirement
3 out of 5
are concerned about the long-term impact parental leave would have on their financial security as they age
* Superannuation & Parental leave HESTA member research 2022
see what's been done so far
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