A few decades ago, the arrival of a baby was celebrated with an understated backyard shower or a pint at the local pub to wet the baby’s head. These days many expectant parents are anticipating the arrival of their bundle of joy with diamond bracelet “push presents” and elaborate “babymoon” holidays.
With this drop or stagnation in wages comes a drop or stagnation in super contributions. For many women, it results in a deficit of around $100,000 by retirement. Last week, the federal government announced it will introduce 12 per cent superannuation on its Paid Parental Leave scheme, which will equate to around $106 per week. Social Services Minister Amanda Rishworth noted the change, “helps normalise taking time off work for caring responsibilities and reinforces PPL is not a welfare payment – it is a workplace entitlement just like annual and sick leave”.