Virgin Money has launched a campaign to end unfair super fees charged to mothers on maternity leave with the launch of ‘Virgin Super Baby Break’, and is challenging the rest of the industry to follow its lead.
Called the ‘Virgin Super Baby Break’, this initiative would partially help redress the current imbalance whereby men have almost double the super of women in this country due in large part to women having children.
Virgin Money will freeze all super management costs for each child (for up to 12 months) while its members are on maternity or paternity leave.
According to Matt Baxby, managing director of Virgin Money Australia, Australian women should not have to pay fees while they are not earning a salary or making super contributions.
“Virgin Money is not only introducing a first within the Super industry, we are encouraging all superannuation funds to follow our lead with the Super Baby Break. It is estimated that the industry as a whole is currently charging an astounding $30 million in fees each year during maternity leave alone,” he said.
For more information, please visit www.virginmoney.com.au
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