Cbus Super welcomes new laws to pay super on the Commonwealth Paid Parental Leave scheme
20 September 2024
Media release
Cbus Super Deputy CEO and Chief Member Officer Marianne Walker said the passage of legislation to pay super on the Commonwealth Paid Parental Leave scheme would help close the superannuation gender gap that sees women retire with 27 per cent less super than men*.
“Cbus has been a strong advocate for this reform because the policy will improve retirement savings for our members and their families.
“It addresses an inequity in the system where Paid Parental Leave is the only type of leave without superannuation.
“And it impacts women disproportionately and they make up a growing part of our national construction and related industries**.
“While more and more fathers are taking paid parental leave after the birth of a baby, women are still the majority accessing the Commonwealth Paid Parental Leave Scheme.
"This reform is an important step in closing the gap between men’s and women’s retirement savings, ending the financial penalty for taking time off for caring responsibilities.
"This is the culmination of years of advocacy by super funds and peak bodies, including Women in Super, Super Members Council, and ASFA."
Cbus is a leading employer on paid parental leave. Cbus pays super on its paid parental leave, and entitlements are available to new mothers and new fathers.
Media enquiries: Elisabeth Bowdler – 0412 112 374 or elisabeth.bowdler@cbussuper.com.au
All figures as at 30 June 2024 unless otherwise noted
* Paying super on parental leave slashes the gender gap and boosts women’s financial security | SMC Australia
** Master Builders Australia | Women in Construction (PDF)
This information is about Cbus Super. It doesn’t account for your specific needs. Please consider your financial position, objectives and requirements before making financial decisions. Read the relevant Product Disclosure Statement (PDS) and Target Market Determination to decide if Cbus Super is right for you. Call 1300 361 784 or visit cbussuper.com.au.
Cbus is the leading Industry Super Fund representing those that help build, maintain and shape Australia. As one of Australia’s largest super funds, we provide superannuation and income stream accounts to more than 920,000 members (as at 30 June 2024) and we manage $94 billion of our members’ money (as at 30 June 2024). Our members include workers and retirees, their families and employers. As of April 2022, Cbus merged with Media Super and offers Media Super products. In May 2023 Cbus Super successfully completed its merger with EISS Super, establishing the Fund as the leading fund for energy and electrical workers in Australia.
Issued 20 September 2024, United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for Construction and Building Unions Superannuation Fund (Cbus and/or Cbus Super) ABN 75 493 363 262.