Z welcomes enhanced KiwiSaver support for paid parental leave recipients
Diversity and inclusion May 18, 2023
Z Energy (Z) welcomes the announcement within today’s 2023 Wellbeing Budget release that will see the Government match the employer KiwiSaver contribution to paid parental leave recipients.
This Government support will further enhance Z’s own initiatives that are aimed at addressing the retirement savings gender pay gap says Z’s Chief People Officer, Helen Sedcole.
“Last year we announced a new suite of KiwiSaver initiatives that would see us provide five percent KiwiSaver contribution to employees on parental leave for their entire parental leave period, including any unpaid parental leave period, as well as paying employees working part-time (over 20 hours per week) five percent KiwiSaver contribution based on the full-time salary equivalent, rather than their actual pro-rata pay.
“We felt this was a really important step to take as a leading Kiwi employer working to take a stand on the things that matter to our people and encouraged others to consider similar initiatives, recognising it will take a collective effort to address and close these gaps across Aotearoa New Zealand’s workforce,” says Helen.
In Aotearoa New Zealand, the average KiwiSaver balance for women is 20 percent lower than the average balance for men across all age groups. According to the NZIER, the key drivers of this include the pay equity gap and career changes that may occur due to a parent or caregiver taking a career break or working less hours to focus on their whānau, and the compounding effect on savings this break in KiwiSaver contributions has over time.
“The Government’s announcement today enhances what we already offer our people and means those on parental leave will not be disadvantaged for taking time off work during the first critical months of their baby’s life.”
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