NSW mothers have missed out on more than $522 million in superannuation contributions because the government refuses to pay super on its parental leave scheme.
Industry Super Australia analysis shows more than 467,000 NSW mothers have received Commonwealth Parental Leave Pay in the last 10 years. But without getting paid super these mothers were being made to sacrifice their retirement savings leaving them significantly worse off.
The hidden super sting could cost a mother of two $14,000 from their final retirement savings.
Overwhelmingly it is women that are missing out, 99.5% of the state’s Commonwealth Parental Leave Pay applicants were women and just 0.5% men.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.