Extend SG to those outside workforce – Rice Warner
The super guarantee (SG) system should be expanded to include making contributions to people outside of the workforce, including mothers who take time off to bear and raise children, according to consultant Rice Warner Actuaries.
In its latest newsletter, Touchstone recommends the Government “pay a non-concessional super contribution of $1,000 as a baby bonus for all mothers”.
“We further recommend that an equivalent bonus be paid to all mothers for each year they remain out of the workforce to raise dependant children.”
It said “many of these mothers currently return to work part-time and accrue much lower superannuation than males of equivalent age and a similar salary”.
Other groups it recommended should be included in the SG system include carers, the disabled and the unemployed, and in the long term, those people dependant on welfare for their income.
AUTHOR
Recommended for you
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
Building a network of mentors and coaches with varied skill sets could help women achieve their career goals, according to an FBAA executive.
AMP has reported its Q3 results and provided a progress update on the divestment of its advice division to Entireti.
