We know there is a well-known gap in retirement savings balances at retirement between males and females.
For example, in Australia, the average female is currently retiring with A$102,000, compared with A$197,000 for the average male. In addition to this, only one in 10 females are expected to retire with adequate savings to support a comfortable lifestyle.
To contribute to addressing this imbalance, and in support of BHP’s commitment to inclusion and diversity, BHP will now pay employer contributions to retirement savings plans for employees during unpaid parental leave. These payments now cover the entire leave period – even when it’s unpaid leave – so it’s in addition to our paid parental leave entitlements of 18 weeks full pay plus 18 weeks retirement savings contribution.
Athalie Williams, BHP Chief People Officer said this initiative is helping to close the retirement savings gap.
“This is just another step BHP has taken to show our commitment to inclusion and diversity,” said Athalie.
“Taking time out to raise a family is a big commitment and we want to ensure that our employees are not financially disadvantaged while doing this.”
As part of our commitment to inclusion and diversity, we offer a range of family friendly work practices, including flexible work arrangements, and a generous parental leave policy, including retirement savings contributions now covering the whole period of parental leave.