How HR Can Close the Single Parent Pension Gap

Whether you’re a new Australian resident or already a permanent resident, you may be eligible for a single-parent pension and How HR Can Close the Single Parent Pension Gap. The Parenting Payment is a government program for single parents that supports the costs of caring for one or more children. It waives the waiting period for newly arrived residents and income and asset limits. However, you cannot claim the payment before your child is born. Parents who meet income and asset limits may receive partial payments. If so, the payment will be reduced by 40 cents for every dollar you earn over the threshold.

To apply for a One-Parent Family Payment, fill out the application form and submit it with supporting documents. To qualify, you must be a single parent, widow, or abandoned mother within three months of your child’s birth or death. Separated couples must have lived apart for three months before submitting their application. The payment is deposited into your bank account or paid through the Post Office
However, many of these women do not meet the criteria to be enrolled in a workplace pension.

Moreover, they often are not working full time, so they miss out on employer contributions and government tax relief. In addition, the recent COVID-19 pandemic has further increased the financial hardship single mothers face. With all the benefits a pension provides, single parents cannot afford to ignore them any longer.

Employers and governments must do more to address the disparity between women and men in pensions. However, HR and other managers can play their part. The pension gap for single parents can be closed if targeted campaigns are launched. They can be proactive in increasing access to the job market and making it easier for new parents to gain higher pay. So, what can HR do to close the single-parent pension gap?

The income and asset thresholds for the Parenting Payment and Single Parent Pension are calculated based on the number of children in a family. The Department of Human Services offers an income and asset calculator updated twice a year. There are also specific figures for calculating the number of children a parent has. Working parents can claim a portion of the Single Parent Pension every fortnight. However, it is important to note that these figures may be higher than those listed in the Pension and Income Limits Guide.

The Parenting Payment is a government program that provides financial assistance for single parents with a minimum income. Strict asset and income guidelines must be met before you can claim. While you should check with your employer to find out whether you are eligible for Parenting Payment, you should not have a lot of assets to qualify for this program. The limits for Rent Assistance and the Parenting Payment are higher than the amounts you can claim through the Parenting Payment.

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