NAB follows WBC’s ‘good idea’
(6 June 2010 – Australia) National Australia Bank has announced that it will pay employer superannuation payments to its employees on unpaid parental leave, following in Westpac’s footsteps.
The new entitlement for parents will be paid at NAB’s normal employer superannuation contribution rate of ten percent and becomes available to eligible to NAB Group Australian employees who commence parental leave on or after the 1st of October this year.
Under the new arrangement NAB employees will receive a total of 40 weeks of superannuation contributions on unpaid parental leave, in addition to the 12 weeks of paid leave and superannuation already provided by the bank.
Cameron Clyne, National Australia Bank’s chief executive, said when announcing the changes that extending superannuation to parents on unpaid parental leave was a good idea that would benefit working parents, especially working women.
When NAB heard last week that one of our competitors had decided to extend superannuation payments to employees on unpaid parental leave, the bank thought it was a good idea, Mr Clyne continued.
Competition between banks is a good thing, but it shouldn’t get in the way of a great idea like this. NAB investigated whether the initiative could work at NAB, found that it could, and decided to implement it as soon as practicable.
Under the new arrangement NAB employees will receive a total of 40 weeks of superannuation contributions on unpaid parental leave, in addition to the 12 weeks of paid leave and superannuation already provided by the bank.
Cameron Clyne, National Australia Bank’s chief executive, said when announcing the changes that extending superannuation to parents on unpaid parental leave was a good idea that would benefit working parents, especially working women.
When NAB heard last week that one of our competitors had decided to extend superannuation payments to employees on unpaid parental leave, the bank thought it was a good idea, Mr Clyne continued.
Competition between banks is a good thing, but it shouldn’t get in the way of a great idea like this. NAB investigated whether the initiative could work at NAB, found that it could, and decided to implement it as soon as practicable.
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