CXi to give SG contributions for maternity leave
Fintech firm, CXi Software, has announced it will pay superannuation contributions for any permanent staff member who goes on maternity leave.
The firm said the initiative was aimed at encouraging more women to work in the fintech industry and to make it easier for women to take maternity leave without the worry of interrupting their superannuation savings.
CXi managing director, Séamus Ó Concheanainn, said the maternity leave super guarantee contributions would be paid for up to 12 months or the staff member's return to work.
"It is a well-documented fact that taking maternity leave is a significant contributor to women having a significantly lower superannuation balance on retirement," he said.
"…while we promote full equality for all employees, we recognise that it is a social responsibility of all employers to address systemic inequities that work against any particular cohort of employees."
Ó Concheanainn said the firm recognised that there was a significant imbalance in the numbers of women employed in software development.
"But we are encouraged by the increasing proportion of female fintech founders — which must eventually result in a trickle-down effect on the workforce as a whole," he said.
CXi noted that it also indexes salaries of all staff taking parental leave so that there is no interruption to their earnings growth as a consequence of taking leave.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
