Federal Govt Pay Up to $3,000 in Superannuation on Paid Parental Leave
The IEU(SA) welcomes the changes to Super on Paid Parental Leave, long fought for by many Unions and agreed to by the Albanese Government.
Starting mid-2025, eligible parents will receive up to $3,000 in superannuation on federally funded Paid Parental Leave, following the passage of the Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Bill 2024.
Key Highlights:
- Superannuation Payments: Eligible parents will receive up to $3,000 in superannuation payments starting from July 1, 2025.
- Superannuation Guarantee Increase: Super contributions will rise with the legislated Superannuation Guarantee increase to 12% in July 2025.
- Annual Payments: Superannuation will be paid annually to the ATO, including an interest component for foregone earnings.
- “Keeping in Touch” Days: The Bill amends the Fair Work Act to allow employees to take “keeping in touch” days during continuous unpaid parental leave, regardless of previous flexible unpaid parental leave taken.
The changes are set to provide significant benefits to eligible parents, offering them a more secure retirement.
