MYOB working to address gender savings gap

MYOB working to address gender savings gap

MYOB is actively seeking to maximise employees’ retirement savings, and has announced they will continue to contribute to employees’ workplace savings schemes throughout parental leave. In doing so, the online accounting software provider joins only a handful of progressive employers across New Zealand who offer this benefit to their team members.

MYOB’s Head of People and Performance, Alla Keogh, says this is a big step towards addressing the existing retirement savings gender gap that sees the average retirement savings for women at $144,000 compared to the average payout of $203,000 for men.

In order to help their employees bridge the gap and build stronger retirement balances, MYOB has adjusted their parental leave policy. Primary carers, with a minimum of 12 months’ service, will now receive full workplace saving scheme contribution payments for the length of their parental leave, up to 52 weeks.

The Human Rights Commission welcomed MYOB’s announcement.

“MYOB’s move is an example of how good employers can show leadership in our business community as well as positively impact the lives of their employees,” said EEO Commissioner Dr Jackie Blue.

“Continuing contributions to saving schemes while women are on parental leave will mean they will be in a far better shape financially on retirement. This is a smart policy as it will promote MYOB as ‘family friendly’ and an employer of choice.”

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