Industry group calls for change to super co-contribution
An Australian industry group has called for an expansion of the superannuation co-contribution scheme guidelines to include individuals who aren’t in the paid workforce due to caring responsibilities.
The request is one of 45 recommendations made by the Human Rights and Equal Opportunity Commission (HREOC) in its paper, “It’s About Time: Women, Men, Work and Family”.
The HREOC paper also included in its recommendations that the Productivity Commission undertake an inquiry into establishing a superannuation-like framework where the unpaid work of carers can be recognised by the Australian Government.
According to the paper, half of all women aged between 45 and 60 years have less than $8,000 in superannuation, which is due to “lifetimes spent providing a high level of unpaid care work”.
The commission said governments should ensure an adequate standard of living for those who are not in paid work, and that there are not undue incentives for people to stay out of, or leave the labour force by keeping effective marginal tax rates at a low level.
It also supports extending the Fringe Benefits Tax exemption as a way of increasing the availability and affordability of child care for parents in paid work. At present, this benefit is available to employers who establish childcare centres on their own premises.
The HREOC paper was launched in early March. It is the final paper outlining what support Australians need to give themselves real options about balancing paid work and care.
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