August 22nd 2024.
The Australian government is taking steps to address the gender gap and support modern families by introducing new laws to federal parliament. This legislation, championed by Prime Minister Anthony Albanese, aims to provide more options, security, and rewards for families.
PM Albanese emphasized the importance of this policy for modern families, stating that it will boost paid parental leave from six months and include superannuation benefits. This move is seen as a significant step towards achieving gender equality, which benefits not only families but also businesses and the economy.
If passed, the new laws will take effect on July 1 next year and will impact those on government-funded paid parental leave. It is estimated that around 180,000 Australian families will benefit from this scheme.
These reforms are part of the government's efforts to improve paid parental leave, which currently leaves women at a disadvantage in terms of retirement savings. This is because they do not receive superannuation while taking time off to have children, resulting in up to 25% less savings than men upon retirement.
Minister for Social Services, Amanda Rishworth, shared that the government is investing $1.1 billion to provide superannuation benefits for those on paid parental leave. This investment will give families more flexibility and choice, especially in terms of securing their retirement funds.
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