Ways and Wane’s Post

How to promote more EDI - make sure those that do most of the emotional labour as parents are supported.

Becoming a parent is a life-changing event, and it brings new financial responsibilities along with it. Here’s how to start: 1. Budget for New Expenses Childcare, such as daycare, is often the first major cost that comes to mind, but you’ll also need to budget for future expenses. Balancing these with your regular household spending is key. 2. Maintain Savings Despite the new financial demands, aim to continue saving at least 20% of your gross income. This ensures you stay on track with long-term goals, like retirement, even as your family grows. 3. Plan for Future Needs From education savings to potential medical costs, having a plan in place can help alleviate financial stress down the road. By budgeting carefully and sticking to your savings goals, you can provide financial security for both your growing family and your future.

The Budget has earmarked $1.1 billion to cover superannuation contributions for individuals on government-funded Paid Parental Leave. This will be effective for parents of children born or adopted after 1 July 2025. Payments will begin flowing into parents’ super funds annually, starting 1 July 2026. The government’s objective is to reduce the toll that taking career breaks for childcare typically has on superannuation balances. Expected to help 180,000 families annually, this initiative will hopefully provide a cushion against the long-term effects on parents’ retirement savings. #FederalBudget #budget #superannuation #paidleave

Keeping you informed: ➡ A record 1.1 million UK workers are on zero-hour contracts as their main employment – and only 6% have access to rights and a predictable income, according to a new report by The Work Foundation. ➡ Single parents have the lowest average income for both men and women, according to new research by NOW: Pensions. ➡ Parents across the UK are grappling not just with increasing childcare costs, but childcare availability, according to a new report by Coram Family and Childcare, which suggests the Government expansion plans for early years may be put in jeopardy. ➡ Parliament must intervene and hold the Department for Work and Pensions [DWP] to account for failure to adequately inform thousands of women that the State Pension Age had changed and should seek to compensate them as quickly as possible, according to a comprehensive investigation by the Parliamentary and Health Service Ombudsman [PHSO]. ➡ A new Government report on Diversity and Inclusion calls for a new framework that sets out  the criteria employers might apply to their D&I practice to increase effectiveness and value for money. View extended update in comments. #diversityandinclusion #flexibleworking #zerohourcontracts #employers #childcare #jobs #Pensions #singleparents #HRnews 

Beginning July 2025, new parents will receive super contributions on top of their government-paid parental leave, bridging the superannuation gap for many families and enhancing retirement security, especially for women. This article explains the eligibility requirements and details of the new super payments. https://loom.ly/5WSLagA #superannuation #parentalleave #retirement

Across the UK, millions of workers juggle paid employment and unpaid caregiving, a balancing act that has a profound, often overlooked, effect on long-term #financialsecurity, particularly when it comes to #pension savings. This article from Yurtle considers the hidden cost of #caregiving and its impact on pension savings for women: https://lnkd.in/erxraFny

Pensions might not be front of mind when you’re thinking about starting a family, but there are things you can do to plan ahead and reduce the impact on your pension: 💷 Pay in a bit more before children come along 👫 Split childcare costs with your partner 🍼 Share parental leave 💰 Discuss pension top-ups with your partner Find out more on how to #BeatTheGap http://spr.ly/6048k1rN0 #IWD2024

Across the UK, millions of workers juggle paid employment and unpaid caregiving, a balancing act that has a profound, often overlooked, effect on long-term #financialsecurity, particularly when it comes to #pension savings. This article from Yurtle considers the hidden cost of #caregiving and its impact on pension savings for women: https://lnkd.in/erxraFny

Big updates are here, and we've got you covered with a quick summary of the key changes that took effect on 1 July 2024: 👉Stage 3 Tax Cuts: Get ready to take home more of your hard-earned salary! The Stage 3 tax cuts are now in effect, reducing the amount you pay to the ATO and effectively giving you a pay rise. 👉Increased Paid Parental Leave: New parents, rejoice! From 1 July, eligible parents now have access to 22 weeks of publicly funded parental leave, with an additional 2 weeks to be added annually over the next two years. 👉Superannuation Guarantee Increase: Starting this financial year, the superannuation guarantee has been bumped up from 11% to 11.5%, boosting your retirement savings. 👉Energy Bill Relief: Households will receive $300 in energy bill relief for the 2024–25 financial year, applied as $75 quarterly rebates directly to your energy bills. 👉Welfare Payment Increases: Key welfare payments are set to rise, benefiting those on Family Tax Benefit, Multiple Birth Allowance, Newborn Supplement, Stillborn Baby Payment, and Essential Medical Equipment Payment. Need More Info? Contact our office to discuss how these changes may impact you or your business. We're here to help you navigate these updates! #TaxUpdate #July2024 #Superannuation #PaidParentalLeave #EnergyRelief #WelfarePayments

Last week marked a pivotal moment for working parents across Australia - the federal government announced that from July next year, superannuation will be paid on top of the government-funded Paid Parental Leave. This decision aims to mitigate the impact of parental leave on retirement outcomes, a move that is both welcomed and celebrated by us at legalsuper. We believe that taking time out of the workforce to raise children shouldn’t mean compromising on future financial security and retirement outcomes, so we have stayed ahead of the curve by contributing to superannuation for both paid and unpaid parental leave, ensuring our team doesn’t have to choose between family and future financial stability. With the power of compound interest, these contributions are more than just numbers; they represent a secure future and peace of mind for countless Australians. #paidleave #genderequality #superannuation #paidparentalleave #super #superannuation #supergap