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What's the deal with Parental Leave? · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money.
0:23
Speaker 2: Hello, and welcome to She's on the Money, the podcast
0:26
Speaker 2: The Millennials who Want Financial Freedom? Maternity leave? What is it?
0:30
Speaker 2: What are we entitled to financially and how can we
0:33
Speaker 2: set ourselves up to be in the best financial position possible,
0:36
Speaker 2: whether we plant the pregnancy or if it came along
0:39
Speaker 2: a little sooner than expected. My name is Georgia King,
0:43
Speaker 2: and joining me is financial advisor Victoria Devout. Who are you,
0:48
Speaker 2: Victoria Divine's embarrassing? That's all right, we're what's your next question,
0:57
Speaker 2: b I'm just going to start at the start, which
1:00
Speaker 2: is often a good place to start. How does matt
1:03
Speaker 2: leave work in Australia? What's our system? All right?
1:06
Speaker 3: So, thank you, Georgia. I didn't realize I was so forgettable.
1:10
Speaker 2: But here in Australia we have what.
1:13
Speaker 3: We call parental leave, not maternity leave. Let's call it
1:16
Speaker 3: parental leave because it is just a little bit more inclusive.
1:20
Speaker 3: But that is leave that can be taken after employee
1:23
Speaker 3: gives birth, or after an employee spouse or to facto
1:26
Speaker 3: partner gives birth, or after an employee adobs a child
1:30
Speaker 3: under the age of sixteen. Parental leave is actually quite
1:33
Speaker 3: simple to apply for. You just sign into your micov
1:36
Speaker 3: account and apply, which is very exciting. In terms of
1:39
Speaker 3: the amount of time you get off, employees are entitled
1:42
Speaker 3: to up to twelve months of unpaid parental leave, and
1:46
Speaker 3: they can request an additional twelve months of unpaid parental leave,
1:50
Speaker 3: so technically we're not talking about the financial side of things.
1:53
Speaker 2: You can take up to two years off for.
1:55
Speaker 3: Having a baby or acquiring one through various ways, which
1:59
Speaker 3: is actually kind of cool in terms of employment because
2:02
Speaker 3: not a lot of places in the world have that
2:04
Speaker 3: level of flexibility. And when we talk about being able
2:07
Speaker 3: to take that time off, you might be thinking, well,
2:10
Speaker 3: v of course I can just say I'm not coming
2:12
Speaker 3: back to my job, but essentially your job will hold
2:16
Speaker 3: your role for that long, which is really nice to
2:19
Speaker 3: know that when you want to go back to work, George,
2:21
Speaker 3: you've got a job waiting for you, which is actually
2:23
Speaker 3: really exciting. In terms of who is eligible, all employees
2:28
Speaker 3: in Australia are entitled to it. It doesn't matter if
2:31
Speaker 3: you are casual, part time, full time, freelancer, doesn't matter
2:34
Speaker 3: if you are employed. You are entitled to parental leave.
2:38
Speaker 3: But there are a few prerequisites. You do need to
2:41
Speaker 3: have worked for the employer for at least twelve months
2:44
Speaker 3: before the expected date of birth, or before the date
2:48
Speaker 3: of adoption, or before the leave starts. And you either
2:51
Speaker 3: have or will have the responsibility for caring for a child.
2:56
Speaker 3: So you can't just take parental leave if you're not
2:58
Speaker 3: the person looking after to the baby. You can't be like, oh,
3:01
Speaker 3: my partner had a baby and he's taking all of
3:03
Speaker 3: this time off, and I guess I'll just take it
3:06
Speaker 3: off too, Like that's not how it works, sadly, but
3:08
Speaker 3: that would be really nice. And in terms of if
3:11
Speaker 3: you're a casual worker, as I said, you can still
3:14
Speaker 3: get parental leave, but you need to have done two things.
3:17
Speaker 3: The first is you need to have been working for
3:19
Speaker 3: your employer on a regular basis for a minimum of
3:22
Speaker 3: twelve months. And the second thing is that there needs
3:24
Speaker 3: to be a reasonable expectation of continuing work for that
3:28
Speaker 3: employer had you not had the child. So you can
3:31
Speaker 3: find out so much more about the specifics of that
3:33
Speaker 3: on the Fair Work website, which we obviously will link
3:36
Speaker 3: in the show.
3:37
Speaker 2: Notes as always be Okay, so that's kind of who
3:41
Speaker 2: gets it and how long you can take off. Do
3:44
Speaker 2: you get paid in this time be d dun dun duh,
3:49
Speaker 2: Yes you do.
3:50
Speaker 3: And I think that that's the most exciting thing and
3:52
Speaker 3: something that I really want to point out.
3:54
Speaker 2: As being quite special.
3:55
Speaker 3: Like I know that a lot of places have better
3:58
Speaker 3: parental leave policy is like I know overseas there are
4:01
Speaker 3: a lot of places where you get a year and
4:03
Speaker 3: you get like a whole heap of other benefits. But
4:06
Speaker 3: at the end of the day, to know that our
4:07
Speaker 3: government is supporting us to have a child is kind
4:11
Speaker 3: of cool. To know that we're not going to be
4:13
Speaker 3: in a position where we don't have any income at all.
4:16
Speaker 3: So here in Australia we have access to parental leave pay,
4:19
Speaker 3: which is what it's called, and it is pay based
4:22
Speaker 3: on the minimum wage which you are able to receive
4:25
Speaker 3: for up to eighteen weeks. Currently that pay is sitting
4:28
Speaker 3: at seven hundred and seventy two dollars and fifty five
4:32
Speaker 3: cents per week, which equates to about one hundred and
4:34
Speaker 3: fifty four dollars and fifty one cents per day Georgia
4:37
Speaker 3: with bore a tax. And it will be paid to
4:41
Speaker 3: you either via your workplace or directly via sent link.
4:45
Speaker 3: Depending on your personal situation, there is also dad and
4:49
Speaker 3: partner pay which is available for your partner, which is
4:52
Speaker 3: available for up to two weeks, which I think is
4:55
Speaker 3: really cool as well to know that they can also
4:57
Speaker 3: spend some time getting to know the memb. No in
5:00
Speaker 3: saying that this is just the base amount of parental
5:03
Speaker 3: leave that we would get as employees here in Australia.
5:06
Speaker 3: Your employer might have a different schedule set out, like
5:09
Speaker 3: you might work for the Australian Government, in which case
5:12
Speaker 3: you might be able to take up to twelve months off,
5:14
Speaker 3: which is wild and so cool, and get half pay
5:17
Speaker 3: for that entire time. So we are not talking about
5:20
Speaker 3: your specific employment situation, but rather the base level of
5:25
Speaker 3: parental pay that exists here in Australia. And often it
5:29
Speaker 3: doesn't happen in small businesses because they can't actually afford
5:32
Speaker 3: to pay you well you're not there. But in bigger businesses,
5:35
Speaker 3: companies and government based roles it is often a really
5:39
Speaker 3: good carrot, honestick. And if I'm being honest, I know
5:43
Speaker 3: a couple of people personally who have actually decided to
5:46
Speaker 3: work in particular areas or go. You know what, I
5:50
Speaker 3: have a skill set I'm going to work as this,
5:51
Speaker 3: but I'm actually going to make sure I get a
5:53
Speaker 3: job in government because they prioritized the parental leave policies
5:58
Speaker 3: that they had, and I mean, I think that's pretty smart,
6:01
Speaker 3: in addition to the fact that they always get like
6:03
Speaker 3: minimum of fifteen percent superin government based roles, like maybe we.
6:07
Speaker 2: All should work for the government.
6:08
Speaker 3: I don't know, sounds smart, But also I think it's
6:11
Speaker 3: really important to take into consideration and important to differentiate
6:14
Speaker 3: the fact that we're not talking about like the parental
6:17
Speaker 3: leave policy that impacts you, particularly Georgia, but more like
6:20
Speaker 3: their base level of parental pay that we get.
6:22
Speaker 2: Because I also know.
6:23
Speaker 3: There are some employers out there that will give you
6:26
Speaker 3: a full twelve months of pay to have a baby,
6:29
Speaker 3: which is really cool, but also not something that is
6:32
Speaker 3: financially viable for a lot of companies.
6:35
Speaker 2: So in terms of who is eligible for parental leave pay,
6:40
Speaker 2: who is Yeah, who is it? What tests?
6:43
Speaker 3: So to be eligible, you do need to be the
6:44
Speaker 3: primary care of that child. So as I said before,
6:47
Speaker 3: g you can't just take the time off and your
6:49
Speaker 3: partner is the primary care. You need to also meet
6:52
Speaker 3: an income test, our work test, and residency rules, and
6:55
Speaker 3: all of the information on that is available on the
6:57
Speaker 3: MYGAV website. So to break it down a little bit more,
7:00
Speaker 3: the income test means that you must have an individual
7:03
Speaker 3: and in quotation marks, adjustable taxable income of either one
7:07
Speaker 3: hundred and fifty thousand dollars or less in the twenty
7:11
Speaker 3: nineteen to twenty twenty financial year or one hundred and
7:14
Speaker 3: fifty one thousand and three hundred and fifty dollars or
7:17
Speaker 3: less in the twenty twenty to twenty twenty one financial year.
7:20
Speaker 3: So obviously you can't be making bank and also access
7:24
Speaker 3: parental leave pay, which I know for actually a few
7:27
Speaker 3: of our community members is quite frustrating. Then the work
7:31
Speaker 3: test means that you'll need to have either worked for
7:34
Speaker 3: ten of the thirteen months before birth or adoption, and
7:37
Speaker 3: it needs have been for a minimum of three hundred
7:40
Speaker 3: and thirty hours in that ten month stint, which we've
7:42
Speaker 3: worked out to be about one day per week, So
7:45
Speaker 3: it's not like you have to have been working full
7:47
Speaker 3: time to access this, but you do need to have
7:49
Speaker 3: roughly worked a day a week to be able to
7:51
Speaker 3: get parental leave pay. And it's also worth noting too
7:54
Speaker 3: that if you were a job Keeper at any stage
7:56
Speaker 3: this also counts as work, so don't stress too much
7:59
Speaker 3: if you've found yourself a situation where you're thinking about
8:01
Speaker 3: taking parentally for you're like, oh my gosh, I've been
8:04
Speaker 3: on job keeper this whole time. No, it counts as
8:07
Speaker 3: work and that is okay. And there are actually a
8:09
Speaker 3: few more stipulations to this that we're going to link
8:11
Speaker 3: in the show notes, so if you do have further questions,
8:14
Speaker 3: you can follow Services Australia up in our notes below.
8:18
Speaker 3: And then when it comes to residency rules, this is
8:20
Speaker 3: pretty simple. I'm sure you guys already know if you're
8:23
Speaker 3: a resident or not, but you either need to be
8:25
Speaker 3: an Australian citizen or you need a permanent visa or
8:28
Speaker 3: a special category visa or a specific type of temporary
8:32
Speaker 3: visa to access this, which again is all on the
8:36
Speaker 3: MyGov website and very simple to work out whether you are.
8:39
Speaker 2: Eligible or not. Now you did touch on this before,
8:42
Speaker 2: v but does our employer pay us at all? Slash?
8:47
Speaker 2: Do they pay us this money from the government? Like
8:49
Speaker 2: what does that look like?
8:50
Speaker 3: It can be pretty confusing because, as I said before,
8:53
Speaker 3: like sometimes it's paid from your employer and they receive
8:56
Speaker 3: the money from the government and then hand it to
8:58
Speaker 3: you and then sometime it will come directly from sent
9:01
Speaker 3: Link depending on your personal situation. But the way that
9:05
Speaker 3: it works is that the Australian government makes the parental
9:08
Speaker 3: leave payments to the employer more often than not, who
9:12
Speaker 3: then pay that onto you in the same way that
9:14
Speaker 3: the job keeper system worked for example. And then that said,
9:18
Speaker 3: many employers have created their own policies around parental leave
9:21
Speaker 3: that they might offer in addition, so this is often
9:24
Speaker 3: why the government pays directly to the employer. So if
9:28
Speaker 3: they are topping it up or they're doing something different,
9:31
Speaker 3: they can absolutely pass that onto you in just one
9:34
Speaker 3: payment instead of like having a number of different ones
9:37
Speaker 3: and you having to go to centilink and a whole
9:38
Speaker 3: heap of other workarounds. But in saying that you will
9:41
Speaker 3: never get less than the minimum. So as we said
9:44
Speaker 3: before Georgia the minimum was seven hundred and seventy two
9:47
Speaker 3: dollars and fifty five cents per week. You will always
9:50
Speaker 3: get that minimum. Your employer is not going to take
9:52
Speaker 3: some off the top and then pass it on to you.
9:54
Speaker 3: It's literally just for tax record keeping purposes and making
9:58
Speaker 3: sure that it's actually the easiest and simple process for you.
10:01
Speaker 3: So for getting less than that, maybe that's a little
10:03
Speaker 3: red flag we need to look into. According to the WGEA,
10:07
Speaker 3: which you know, George, I do love, they said on
10:11
Speaker 3: their website and I quote leading practice organizations provide permanent
10:16
Speaker 3: employees with a minimum of eight weeks of paid parental
10:19
Speaker 3: leave at full pay for primary cares, and a minimum
10:23
Speaker 3: of three weeks for secondary cares. And both women and
10:27
Speaker 3: men must be given the opportunity, and both women and
10:31
Speaker 3: men must be given the opportunity to identify as the
10:34
Speaker 3: primary care. So I think that that's important to take
10:37
Speaker 3: into consideration as well, because it's not saying that women
10:41
Speaker 3: who have the baby more often than not, or people
10:44
Speaker 3: who have wombs have the baby and then they are
10:47
Speaker 3: the primary care. That essentially is telling us that if
10:50
Speaker 3: the parent can just choose to be the primary care,
10:53
Speaker 3: and we just need to let our employer know who
10:55
Speaker 3: that's going to be and what that is going to
10:57
Speaker 3: look like for us, which I think is really exciting
11:00
Speaker 3: and definitely a little bit of a change of pace
11:02
Speaker 3: to what it was historically.
11:04
Speaker 2: Yeah, it would be interesting to look back. I haven't
11:07
Speaker 2: got that in my line of questions for you b
11:08
Speaker 2: but maybe we could follow that up this week somehow.
11:11
Speaker 2: But yeah, it would be interesting to see how far.
11:13
Speaker 3: These rules have come, I guess I think it would
11:17
Speaker 3: be super exciting actually, And I'm just jumping this on
11:20
Speaker 3: you here and now, a committing to our community that
11:23
Speaker 3: you will post in the Facebook group, just asking if
11:26
Speaker 3: they're the primary care or not, and what situations have
11:30
Speaker 3: worked and what haven't worked. And I just think it's
11:33
Speaker 3: so exciting and interesting. And I mean, I'm not having
11:36
Speaker 3: kids anytime soon, hopefully in the future. I absolutely do
11:40
Speaker 3: feel my life full of babies, but that is not
11:43
Speaker 3: yet because she's on the money, probably playbooks business by
11:46
Speaker 3: baby babies or my babies. Like, we have a lot
11:48
Speaker 3: going on, like I've got Zella as well, Like you guys,
11:51
Speaker 3: I'm a bit busy. But at the same time, I
11:54
Speaker 3: just really want to know how people are working it.
11:56
Speaker 3: I've got a couple of girlfriends actually g who have
11:59
Speaker 3: taken some time off to have the baby and recover
12:02
Speaker 3: and then they've gone straight back to work and then
12:04
Speaker 3: their partner is the primary career for twelve months, And
12:07
Speaker 3: I just I love the idea that people are changing
12:10
Speaker 3: the way things were working because they're like, oh, yeah,
12:13
Speaker 3: actually that doesn't work for us, or maybe the person
12:16
Speaker 3: who is giving birth George is actually the breadwinner in
12:19
Speaker 3: the family and they have to return to work, so
12:20
Speaker 3: the other person is put in a situation where they're like, look,
12:23
Speaker 3: I don't really want to be the primary care if
12:25
Speaker 3: financially it made more sense, And so we as a
12:28
Speaker 3: couple have made this decision for our family for it
12:30
Speaker 3: to work this way. But in saying that, I also
12:33
Speaker 3: have a couple of girlfriends who have returned to work
12:35
Speaker 3: really quickly, and neither of them have stopped work at all,
12:39
Speaker 3: and they've got care externally coming into the home to
12:41
Speaker 3: help them. So it's just different for different people, and
12:45
Speaker 3: I'm so pervy on what that looks like because more
12:48
Speaker 3: often than not, let's be honest, Georgia, the reason we
12:51
Speaker 3: make these decisions is financial.
12:53
Speaker 2: It might be worth doing an episode V on returning
12:56
Speaker 2: to work after had a family and strategies around. I agree.
13:01
Speaker 3: I feel like that would be a really good episode,
13:03
Speaker 3: especially after And you probably don't see this because you
13:06
Speaker 3: don't get in the DMS of the She's on the
13:08
Speaker 3: money Instagram like I do. But we got so much
13:13
Speaker 3: good feedback after the Career's episode that I think we
13:16
Speaker 3: might weasel some new ones in there. Yeah, everybody loved
13:20
Speaker 3: that and I'm loving the feedback from it. So if
13:22
Speaker 3: you have any other ap ideas, guys.
13:24
Speaker 2: Let us let us lea.
13:26
Speaker 3: We are all ears and we just want to educate
13:28
Speaker 3: you guys for sure.
13:30
Speaker 2: Okay, So if you're self employed, feed do things get
13:34
Speaker 2: a lot more complicated? So yes, and no.
13:37
Speaker 3: Self employed people are still entitled to take paid parental leave,
13:40
Speaker 3: which is very very exciting, even if their business doesn't
13:44
Speaker 3: currently make a profit, which is also a very nice thing.
13:47
Speaker 3: You just need to ensure that you don't actively run
13:49
Speaker 3: your business while you are on leave, as you will
13:51
Speaker 3: then stop receiving payments as you'll be considered to have
13:54
Speaker 3: returned to work, so you need to be really careful
13:56
Speaker 3: about that. And the benefit to being self employed at
13:59
Speaker 3: this time is that you can be more flexible with
14:01
Speaker 3: the time that you take and often you aren't as restricted.
14:05
Speaker 3: It's one of those things where no, you're not going
14:06
Speaker 3: to miss out if you are self employed, and it
14:08
Speaker 3: is so nice to know that you don't even need
14:10
Speaker 3: to be turning a profit. You just have to have
14:12
Speaker 3: been working in that business for a certain period of time, Like,
14:15
Speaker 3: you can't just go, ah, I'd like to take that
14:18
Speaker 3: I'm going to establish a business today, apply for it tomorrow.
14:20
Speaker 2: It's not going to work like that.
14:22
Speaker 3: You do have to have a legitimate business, but it's
14:24
Speaker 3: really nice to know that that support exists there And
14:27
Speaker 3: again in the same vein, when I talk about people
14:30
Speaker 3: who are employed by other businesses, it's really important to
14:33
Speaker 3: think about things like super and emergency funds and making
14:36
Speaker 3: sure that you are financially Okay, but that would apply
14:38
Speaker 3: to anybody regardless of how they are employed.
14:41
Speaker 2: Okay, that's super interesting. In terms of actually receiving parental
14:46
Speaker 2: leave payve do we take it all at once or
14:49
Speaker 2: is it rationed out? What does that look like?
14:51
Speaker 3: So as of July last year, so twenty twenty not
14:55
Speaker 3: twenty twenty one, if you're eligible for parental leave payments,
14:58
Speaker 3: you can claim it for one set period and one
15:02
Speaker 3: flexible period. So what the hell does that mean? So
15:06
Speaker 3: the first set period is a consecutive period of pay
15:09
Speaker 3: for twelve weeks, which needs to be used over that
15:12
Speaker 3: time within the first twelve months of having or adopting
15:15
Speaker 3: a child. That second flexible parental leave of payment allows
15:20
Speaker 3: you to use up to thirty days of that payment,
15:23
Speaker 3: which can be used in a way that suits both
15:25
Speaker 3: you and your employer, and it needs to be used
15:28
Speaker 3: within twenty four months of the birth or adoption, and
15:31
Speaker 3: it's typically started after the first set of PLP period
15:34
Speaker 3: winds up. This flexible PLP, and I say PLP because
15:38
Speaker 3: it's parental leave pay is really handy when you have
15:42
Speaker 3: to start slowing back into work and maybe you want
15:45
Speaker 3: to work two days a week and then have PLP
15:47
Speaker 3: payments for the rest of the days if you want
15:50
Speaker 3: to take half.
15:50
Speaker 2: Days, etc.
15:51
Speaker 3: So it just enables you to be more flexible with
15:54
Speaker 3: your employer to make sure that you don't have to
15:57
Speaker 3: be on parental leave or not if that makes it
16:00
Speaker 3: so that you can actually come back into work in
16:02
Speaker 3: a little bit.
16:03
Speaker 2: More of a smoother process.
16:04
Speaker 3: And it's really important to note that your unpaid parental
16:07
Speaker 3: leave ends when you return to work, even if you
16:09
Speaker 3: are going back and reduced hours all days.
16:12
Speaker 2: Right, Okay, interesting, So it seems like it does change
16:17
Speaker 2: from workplace to workplace. Would you say, other than listening
16:21
Speaker 2: to this episode, be that it's a good idea just
16:23
Speaker 2: to chat to HR to get.
16:24
Speaker 3: A good absolute out it is and it hurts a
16:27
Speaker 3: sticky situation, and gee, it shouldn't be this way. But
16:30
Speaker 3: in saying that, maybe you don't want to talk to
16:32
Speaker 3: HR yet, maybe you don't want to tell them about
16:34
Speaker 3: your pregnancy yet or the fact that you're trying to
16:36
Speaker 3: get pregnant, it might not be something that you're comfortable
16:39
Speaker 3: sharing with your team or your boss or your employer.
16:42
Speaker 3: So I totally get that. So the first thing I
16:44
Speaker 3: would do is actually go and review my employment contract
16:48
Speaker 3: and understand what that policy is. If your company is
16:51
Speaker 3: big enough to have a HR department, you best believe
16:53
Speaker 3: they're going to have a parental leave policy that you
16:56
Speaker 3: can weasel out of somewhere and read up on and
16:59
Speaker 3: make sure that you know what that.
17:00
Speaker 2: Means for you.
17:02
Speaker 3: And obviously, if there are other people in the business
17:04
Speaker 3: who have taken parental leave, you could probably learn from
17:07
Speaker 3: that experience and see what they did. But in saying that,
17:10
Speaker 3: if you're comfortable have a chat with HR, but at
17:13
Speaker 3: a base employees should actually alert their employer ten weeks
17:17
Speaker 3: before intending to start leave of their situation. It needs
17:21
Speaker 3: to be writing as well technically, and you need to
17:24
Speaker 3: tell them how much leave you intend on taking and
17:26
Speaker 3: your start and finish dates. At that point, obviously, you
17:30
Speaker 3: can then work with your employer to make that more
17:31
Speaker 3: flexible or change that if things change. And if you
17:34
Speaker 3: can't give them that much notice, then just as much
17:38
Speaker 3: notice as possible is recommended. But ten weeks is the
17:41
Speaker 3: recommended amount from our friends at the government Georgia.
17:45
Speaker 2: So B, what if you were like, I'm going to
17:48
Speaker 2: take six months of leave of matt leave, pat leave,
17:53
Speaker 2: but then you have your little ray of sunshine and
17:55
Speaker 2: you're like, sweetheart, I want to spend two years with you.
17:58
Speaker 2: Can you change your mind?
18:00
Speaker 3: That's actually fine, g It actually happens all of the time.
18:03
Speaker 3: And if you're intending on taking less than twelve months
18:06
Speaker 3: of leave, you can actually then extend it up to
18:08
Speaker 3: twelve months, but no more. You just need to give
18:11
Speaker 3: your employer a minimum of four weeks of written notice
18:14
Speaker 3: once you make that decision to extend it, so that
18:16
Speaker 3: they can sort their stuff out and get somebody in
18:19
Speaker 3: that role and make sure that everything is all good.
18:21
Speaker 3: If you've taken twelve months and you want to extend
18:24
Speaker 3: beyond that, though, you can actually tack up to another
18:28
Speaker 3: twelve months on in total, but in total, it can't
18:31
Speaker 3: be more than twenty four months. And again you also
18:33
Speaker 3: need to give your employer four weeks notice if you're
18:36
Speaker 3: intending to extend that in saying that, that is just
18:39
Speaker 3: the legalities around it. And I'm sure that you could
18:42
Speaker 3: work with your employer to say, oh, actually I want
18:45
Speaker 3: to take some more time off, or I would like
18:47
Speaker 3: to be more flexible, or actually.
18:49
Speaker 2: Do you know what this whole parenting thing.
18:50
Speaker 3: I thought it was going to be a dream thought
18:52
Speaker 3: I'd want to stay at home with my little ray
18:54
Speaker 3: of sunshine, but I miss my work friends. Can I
18:56
Speaker 3: come back sooner? So it's going to be really flexible.
18:59
Speaker 3: And again you just need to talk to your employer
19:01
Speaker 3: about how that works. This is just the base amount
19:04
Speaker 3: of understanding that you guys need to kind of like
19:06
Speaker 3: springboard off and create your own plans with.
19:09
Speaker 2: V You said there that you can potentially go back
19:12
Speaker 2: earlier if you want to. What if there was someone
19:15
Speaker 2: in your role though, like yes, so to actually be
19:18
Speaker 2: the negotiating there to take place.
19:20
Speaker 3: So often, if you're going to take matt lee for
19:23
Speaker 3: a significant period of time, your employe is very likely
19:25
Speaker 3: to find a Matt leave cover for that or distribute
19:28
Speaker 3: your role within the team internally so that they can
19:31
Speaker 3: pick up the slack. So again it's just about negotiating
19:34
Speaker 3: that with your employer, and as I said before, it's
19:36
Speaker 3: just about being mindful that there could be someone in
19:39
Speaker 3: that role. So if they've actually signed a contract for
19:42
Speaker 3: nine months, maybe you'll need to actually have them see
19:44
Speaker 3: that entire maternity contract out before they leave, or you
19:49
Speaker 3: could work with.
19:50
Speaker 2: Your employee to come back on a part time basis.
19:52
Speaker 3: Again, completely dependent, and I can't speak for every employer
19:55
Speaker 3: in this situation, but sometimes you're able to negotiate that
20:00
Speaker 3: in earlier or maybe longer, because more often than not,
20:03
Speaker 3: if someone has taken a role as a twelvemonth Matt
20:05
Speaker 3: leaf cover, they might be very comfortable to extend that
20:08
Speaker 3: for three months and be like, oh, yeah, no problems
20:10
Speaker 3: if you give them enough notice. Again, I know that
20:14
Speaker 3: legally you only have to give them those four weeks
20:16
Speaker 3: notice about extending it, but if you know someone is
20:19
Speaker 3: in your role and they are on a matt leave cover,
20:21
Speaker 3: the more time you give them, the more likely they
20:24
Speaker 3: are to have been able to extend really comfortably. Because
20:28
Speaker 3: I know personally if I took a mat leaf cover
20:30
Speaker 3: role and my time was coming up, and it was
20:32
Speaker 3: four weeks before the end of my Matt leaf cover
20:34
Speaker 3: was ending. You best believe I'd probably have something lined
20:37
Speaker 3: up already, and my employer would probably be a little
20:39
Speaker 3: bit frustrated they didn't have more time to say, Hey, George,
20:42
Speaker 3: Victoria is not coming back from parental leave on the time,
20:45
Speaker 3: do you want to extend your contract for three months?
20:47
Speaker 3: You might go, yeah, no props, but give them as
20:49
Speaker 3: much notice as possible because it just makes everything easier
20:53
Speaker 3: for everybody involved.
20:55
Speaker 2: Question. Yes, if the person that replaced you in your
20:59
Speaker 2: role while you're on MATT leave is better than you,
21:04
Speaker 2: can they be like, see a gi no keeping you
21:07
Speaker 2: need no no, that is that's illegal.
21:09
Speaker 3: Yeah, and that is actually illegal, and that is the
21:12
Speaker 3: whole point of making sure that that role is available
21:15
Speaker 3: for you when you return. It's also why when we
21:18
Speaker 3: talk about in the casual employment side of things, they
21:22
Speaker 3: need to make sure that your role would actually be
21:24
Speaker 3: enduring for you to actually be eligible for it. But
21:28
Speaker 3: at the same time, it's one of those things where,
21:29
Speaker 3: again I can't speak for every employer, but we've all
21:33
Speaker 3: heard horror stories about this happening, and that's why it's
21:37
Speaker 3: really important to have your emergency fund and have yourself
21:39
Speaker 3: set up and potentially just be keeping in touch with
21:42
Speaker 3: your employer during that time. I'm not saying that you
21:45
Speaker 3: need to be working with your employer during that time,
21:47
Speaker 3: but it's one of those things where it's actually flexible
21:49
Speaker 3: and it's actually on your terms. And remember our friend
21:51
Speaker 3: Rebecca Pritchard, she came in to talk about cost of
21:55
Speaker 3: babies with us, and she's actually one of my dear friends,
21:58
Speaker 3: and she recently had the baby she was pregnant with
22:01
Speaker 3: when she was on the podcast.
22:02
Speaker 2: Her name is.
22:03
Speaker 3: Della, and she is delicious. She is such a just pudding. Yeah,
22:07
Speaker 3: very very cute and very cute baby. But Rebecca had
22:10
Speaker 3: her baby, but she's been negotiating with her employer to
22:14
Speaker 3: still do some of the things that she really loved doing.
22:16
Speaker 3: So Beck, just like me, is a financial adviser. We
22:19
Speaker 3: love talking about money, we love keeping in contact with
22:22
Speaker 3: our clients. So Beck had actually negotiated to have a
22:26
Speaker 3: few workshops and stuff still in her contract to do
22:30
Speaker 3: while she was on Matt Lee under the guys that
22:33
Speaker 3: her employer knew that the baby would be involved, knew
22:36
Speaker 3: that she would you know, maybe need a little bit
22:38
Speaker 3: of back up, but also just to keep her skills
22:42
Speaker 3: up and just to keep her engaged with her community
22:44
Speaker 3: and her clients. So that is entirely possible as well,
22:47
Speaker 3: if that is something you want to do. I've been
22:50
Speaker 3: saying that not everybody feels that way about their job.
22:52
Speaker 2: G Nah, exactly. For some people it's just.
22:55
Speaker 3: A job, exactly, And you, like Victoria, that sounds crazy.
22:59
Speaker 3: I do not want to hear from those people for
23:01
Speaker 3: twelve months, like I'm looking.
23:03
Speaker 2: Forward to it.
23:04
Speaker 3: But again, it's just different for each and every single person,
23:08
Speaker 3: and that's where we need to have that inherent confidence
23:11
Speaker 3: to have those conversations with our employer and negotiate things
23:15
Speaker 3: and bring things up and say, oh, hey, I know
23:18
Speaker 3: that I'm taking Matt leaves, but like my favorite part
23:20
Speaker 3: of the job is actually, you know, seeing what's going
23:22
Speaker 3: to happen with this particular client project. Do you think
23:25
Speaker 3: that I could just be looped in when that actually
23:27
Speaker 3: settles so that I don't feel out of the loop,
23:29
Speaker 3: or do you think that I could maybe attend one
23:32
Speaker 3: of those meetings to stay on track and you know,
23:34
Speaker 3: keep my skills up. I think it is really important
23:36
Speaker 3: to know that you do have the power to ask that,
23:39
Speaker 3: and more often than not, Like, let's flip this situation.
23:42
Speaker 3: I'm an employer. Gee, if you went on parental leave
23:45
Speaker 3: and I didn't hear from you, I'd be like, okay,
23:47
Speaker 3: no problems. Absolutely can do that. But if you turned
23:49
Speaker 3: around and said, oh, I'd love to be involved in X, Y,
23:51
Speaker 3: and Z, I would bend over backwards to make sure
23:54
Speaker 3: that you were included in on that because I know
23:57
Speaker 3: how good that is for my business. I know that
24:00
Speaker 3: you being committed to the business is such a beautiful thing.
24:03
Speaker 3: And I also know how much value would bring to
24:06
Speaker 3: our clients and our team. So I just think that
24:09
Speaker 3: asking is not putting anybody out. It's actually bringing a
24:12
Speaker 3: better work community together.
24:14
Speaker 2: But also definitely no pressure in debt. No, you don't
24:18
Speaker 2: have to still be there. Yeah, okay, good to know.
24:20
Speaker 2: Before we head to the break feed. This has been
24:22
Speaker 2: a very top heavy show. I feel like there was
24:27
Speaker 2: news recently floating around about leave being approved for miscarriage.
24:31
Speaker 2: Is that true?
24:32
Speaker 3: Talk to about and it's actually really special, So you
24:35
Speaker 3: are absolutely right. A few weeks ago, the Fair Work
24:37
Speaker 3: Act of two thousand and nine was updated to include
24:41
Speaker 3: miscarriage as a reason to access compassionate leave. So now
24:45
Speaker 3: full time employees can access two days of paid leave
24:49
Speaker 3: or unpaid leaf for casuals, and that applies to the
24:52
Speaker 3: spouse or de facto partner as well. Obviously this is
24:55
Speaker 3: incredibly important, and from my perspective, we're just interjecting a
24:59
Speaker 3: whole her opinion right here. It's not enough time, but
25:03
Speaker 3: it is a step in the right direction when it
25:05
Speaker 3: comes to that. Miscarriage is so important to talk about
25:07
Speaker 3: because it happens so often and it's actually a really
25:11
Speaker 3: traumatic event. So I don't agree with the two days,
25:14
Speaker 3: but I'm really glad that we are stepping in the
25:15
Speaker 3: right direction and starting to include that. But I do
25:18
Speaker 3: think it's something that employers need to be more flexible on,
25:21
Speaker 3: and I also know, yes, in the Fair Work Act
25:24
Speaker 3: you can access compassionately. But also I think that there
25:27
Speaker 3: are a lot of employers who would be like, just
25:29
Speaker 3: go and leave, we'll look after you. It's okay, because
25:32
Speaker 3: that is something that is incredibly traumatic and you need
25:35
Speaker 3: support during that time and it just doesn't take two
25:38
Speaker 3: days to get over something like that.
25:39
Speaker 2: So you think workplaces these days would be much more
25:42
Speaker 2: open to granting you leave if you need it.
25:45
Speaker 3: I would hope so, But in saying that, it's a
25:48
Speaker 3: very hard topic to tackle because it's a topic that
25:51
Speaker 3: more often than not, again I'm not an expert in
25:55
Speaker 3: this situation, I just know enough about it I guess
25:58
Speaker 3: to be having this conversation. Miscarriage happens more often than
26:02
Speaker 3: not within the first twelve weeks of the pregnancy, so
26:04
Speaker 3: you are very likely to not have even told your
26:07
Speaker 3: employer that you were expecting a baby at any point
26:09
Speaker 3: in the future. So for me, it's really good. It's
26:12
Speaker 3: a step in the right direction. But as a community
26:15
Speaker 3: and as a society, we need to be normalizing miscarriage
26:18
Speaker 3: conversation and talking about this process because I know personally,
26:23
Speaker 3: again I'm just taking this back personally, if I suffered
26:26
Speaker 3: a miscarriage and I was working in a big corporate environment,
26:29
Speaker 3: I would be very unlikely to share that with my team.
26:32
Speaker 3: I would just take sickly for that period of time
26:34
Speaker 3: because I just obviously need to work through that and
26:37
Speaker 3: go through that process. But I wasn't ready to share
26:40
Speaker 3: the fact that I was pregnant.
26:42
Speaker 2: So I just I.
26:43
Speaker 3: Really support obviously talking about it as soon as possible
26:46
Speaker 3: and sharing it, but not every situation is like that,
26:49
Speaker 3: and it's so beautiful that we can now access those
26:51
Speaker 3: two days of bereavement leave. But at the same time,
26:54
Speaker 3: it would mean talking to somebody about that, and I
26:57
Speaker 3: just don't know as a society if we are ready
26:59
Speaker 3: to have those conversations. Not that we're not, it's just
27:02
Speaker 3: that most people in situations like that might not want
27:05
Speaker 3: to talk about it with their employers, which is totally
27:07
Speaker 3: fair and totally reasonable.
27:09
Speaker 2: I assume if you went to HR, if you were
27:11
Speaker 2: at a business that had an HR department, that it
27:14
Speaker 2: would be confidential anyway. Yeah.
27:16
Speaker 3: Absolutely, But it's one of those things where if you're
27:19
Speaker 3: going through that, it's incredibly emotional, like you're experiencing significant
27:23
Speaker 3: trauma and going, hey, George, can I pull you aside
27:26
Speaker 3: for a minute. I'm just going through this and I'm
27:28
Speaker 3: hoping I can access that. Like, I'm not sure about
27:30
Speaker 3: the semantics of how that would work. I just think
27:33
Speaker 3: we need to talk about miscarriage as a more open
27:36
Speaker 3: topic than we currently do, because, at the same time
27:39
Speaker 3: as being really grateful that we now have these two days,
27:41
Speaker 3: two days is not enough, but also how many people
27:44
Speaker 3: are going to willingly put up the hand and be like, oh, yeah,
27:46
Speaker 3: I really need to access that because it happens so often,
27:50
Speaker 3: and more often than not, it's something that you didn't
27:52
Speaker 3: foresee coming.
27:53
Speaker 2: Yeah. I've been listening to a really interesting podcast recently
27:57
Speaker 2: V called Darling Shine. Not sure if you heard of it,
28:01
Speaker 2: I haven't. It's by two best friends called Aldi Pullin
28:05
Speaker 2: and Chloe Chapman, and basically it's them navigating stories of
28:10
Speaker 2: grief and they've both had a really rough trot recently
28:13
Speaker 2: in life, and one of the big themes is miscarriage.
28:17
Speaker 2: So if you are like me and have never really
28:19
Speaker 2: understood the kind of grief that that can bring upon
28:22
Speaker 2: a person, that's a really good place to start. It's Yeah,
28:26
Speaker 2: it's a really god it's a very emotional podcast, but.
28:31
Speaker 3: That one.
28:32
Speaker 2: Yeah.
28:32
Speaker 3: At the same time, I think it's a topic that
28:34
Speaker 3: we need to be talking about, and even if it's
28:36
Speaker 3: something you haven't experienced, we need to understand that so
28:40
Speaker 3: that we can support people who are going through that.
28:43
Speaker 2: Let's head to a very short break, but after that
28:47
Speaker 2: we will be back to chat about this expensive life
28:50
Speaker 2: stage and of course, how we can safeguard our super
28:54
Speaker 2: at this time, be right back, guys. Okay, they get
29:02
Speaker 2: straight back into it. Hello, Hello, how hard is it
29:07
Speaker 2: to adjust to having just one income when you've always
29:10
Speaker 2: relied on two If you are in a partnership.
29:13
Speaker 3: Ah, so it could be super bad. It's one of
29:16
Speaker 3: those things where I think we should be trialing these
29:19
Speaker 3: things before we actually jump in the deep end. So,
29:22
Speaker 3: if you're planning on having a baby in the future,
29:25
Speaker 3: potentially trying to whittle down your expenses to being able
29:30
Speaker 3: to be paid for with one income is something you
29:32
Speaker 3: can do to start preparing for it. But again, obviously
29:35
Speaker 3: I would absolutely promote proper budgeting and proper cash flow
29:39
Speaker 3: and making sure that you understand every single dollar coming
29:42
Speaker 3: into your accounts and how it is being used and
29:44
Speaker 3: where it is going, and obviously scale back on those
29:47
Speaker 3: non essential spans. I think it's really important to really
29:50
Speaker 3: reiterate what budgeting means, and budgeting isn't about restriction.
29:55
Speaker 2: It's not about.
29:56
Speaker 3: Going on a diet and stopping yourself from buying things
29:59
Speaker 3: that you shouldn't be buy. It's actually about fully comprehending
30:03
Speaker 3: how many dollars come into your account and how many
30:06
Speaker 3: leave and or what, and whether that is actually in line.
30:09
Speaker 2: With your values.
30:10
Speaker 3: So if you're leading up to a period of time
30:12
Speaker 3: where you're going to be functioning off one income, it
30:15
Speaker 3: could be a good idea to start saving for that
30:18
Speaker 3: period of time so that your expenses are covered during
30:21
Speaker 3: that period of time. So, Gee, if you're planning on
30:23
Speaker 3: taking six months off and we'd worked out that your
30:26
Speaker 3: expenses were like five thousand dollars a month in total,
30:29
Speaker 3: maybe we work out how to save that five thousand
30:32
Speaker 3: dollars a month in total so that we know, yeah,
30:34
Speaker 3: my partner is going to have their income coming in,
30:37
Speaker 3: but we also know that that buffer exists and we
30:39
Speaker 3: can pay for things as that happens so that we
30:42
Speaker 3: don't feel like we are financially restricted or behind during
30:46
Speaker 3: that period of time. So it's going to be different
30:49
Speaker 3: for everybody. Some people will be listening to this and
30:51
Speaker 3: going we already function of one income and save the
30:54
Speaker 3: rest of it, and I'll be.
30:55
Speaker 2: Like, Okay, you're a wizard. That's really cool.
30:58
Speaker 3: But not a lot of people are in that situation.
31:01
Speaker 3: So it's about planning for the bare minimums and maybe
31:04
Speaker 3: even giving up some stuff during that period of time
31:07
Speaker 3: that you are on leave that you don't necessarily need.
31:10
Speaker 3: Doesn't mean you can't go back to it when you
31:12
Speaker 3: have a dual income again. But you might go, oh yeah, actually,
31:15
Speaker 3: all right, so we're going to cut back on our
31:17
Speaker 3: streaming services. We're going to change this, We're going to
31:19
Speaker 3: get rid of a subscription to that so that we
31:21
Speaker 3: have really lean expenses during that period of time, so
31:24
Speaker 3: we're not stressed. Because at the end of the day,
31:27
Speaker 3: having a baby to look after is stressful enough. You
31:30
Speaker 3: don't need to compound the stress by having even more
31:33
Speaker 3: financial issues to deal with.
31:35
Speaker 2: I assume if you're a single parent, obviously it's going
31:38
Speaker 2: to be much harder. But would you just say absolutely,
31:41
Speaker 2: Would you just say to manage it the same way
31:43
Speaker 2: that you just did for yes, absolutely.
31:46
Speaker 3: You might be in the situation where you may need
31:48
Speaker 3: to go back to work sooner, and you might not
31:50
Speaker 3: actually have the luxury of taking as long out of work,
31:53
Speaker 3: especially given you only have the opportunity to receive that
31:57
Speaker 3: parental leave pay for up to eighteen weeks. So you're
32:00
Speaker 3: in this situation, I think it's also really important to
32:03
Speaker 3: give yourself permission to go back to work like that
32:06
Speaker 3: doesn't make you a bad mum, it doesn't make you
32:08
Speaker 3: a bad parent. It actually makes you a really strong parent.
32:10
Speaker 3: Because you're doing the right thing for you and your
32:12
Speaker 3: financial situation, and it can be really hard, and I
32:16
Speaker 3: think it's one of those things that we actually recently
32:18
Speaker 3: spoke to Lucy on the podcast, and Lucy's the estate
32:21
Speaker 3: planning lawyer from a couple of weeks ago, and she
32:24
Speaker 3: was saying how some people do return to work earlier,
32:27
Speaker 3: or you know, stay fully employed even though they're looking
32:29
Speaker 3: after kids. And I just think it's really important to
32:32
Speaker 3: realize that everybody's situation is different.
32:35
Speaker 2: And having your kid in daycare is not a bad thing.
32:38
Speaker 3: Having your child looked after doesn't mean that you're a
32:41
Speaker 3: bad parent. In fact, filling your own cup and putting
32:44
Speaker 3: yourself in a situation where you're creating financial security for
32:48
Speaker 3: your family is one of the most important things that
32:51
Speaker 3: you can do. And I know that it can be hard,
32:54
Speaker 3: and I know that it can be stressful, but after
32:57
Speaker 3: being in the position of being a financial advisor significant
33:00
Speaker 3: period of time, it is so important to fill your
33:04
Speaker 3: financial cup first, because that is going to lean towards
33:08
Speaker 3: bringing up a child who values work ethic and values money,
33:12
Speaker 3: and values the effort and energy you put in and
33:15
Speaker 3: also feels secure because no one wants to be in
33:18
Speaker 3: a situation where they can't afford things. At the end
33:20
Speaker 3: of the day, it is the reality of a lot
33:22
Speaker 3: of people. But you are doing the right thing for
33:24
Speaker 3: you and your family. So I'm not saying you have
33:27
Speaker 3: to do these things, but it's more I don't want
33:29
Speaker 3: you to feel like you're making a decision because you're like, oh,
33:31
Speaker 3: but like, I really should stay home because it's the
33:34
Speaker 3: quote right thing to do, my friend. It is twenty
33:37
Speaker 3: twenty one. There is no such thing as the right
33:39
Speaker 3: thing to do. But there is such thing as the
33:42
Speaker 3: right thing for you and your personal situation, and only
33:46
Speaker 3: you can decide what that is. You do you, yeah,
33:51
Speaker 3: you do you boo boo.
33:52
Speaker 2: So if we have a mortgage and we're stressed about yeah, so,
33:59
Speaker 2: now maybe we're in a partnership and we're going down
34:02
Speaker 2: to one income, is there a way of reducing your
34:05
Speaker 2: repayments or getting a better deal? Like, is that something
34:08
Speaker 2: we can look at?
34:09
Speaker 3: This genius question And this is again about going back
34:13
Speaker 3: to the budget and working out what we can do.
34:15
Speaker 3: But if you are in a situation where that is
34:17
Speaker 3: not going to be enough.
34:18
Speaker 2: It certainly is something you can do. So it's going
34:21
Speaker 2: to vary.
34:21
Speaker 3: From lender to lender, but many are going to allow
34:24
Speaker 3: you to maybe make interest only payments. So if you're
34:27
Speaker 3: currently paying principle and interest on your mortgage, maybe you're
34:30
Speaker 3: going to choose to cut it back and pay less
34:33
Speaker 3: on your mortgage for that period of time. And maybe
34:35
Speaker 3: it's a good time to have a chat with a
34:37
Speaker 3: broker to work out a situation that works best for you,
34:39
Speaker 3: because you could change the structure if it's going to
34:42
Speaker 3: significantly impact you having to pay that during that period
34:45
Speaker 3: of time. But also, this is a cute little reminder.
34:48
Speaker 3: G if you haven't refinanced your mortgage and it's been
34:51
Speaker 3: a few years and you don't have a one or
34:53
Speaker 3: two in front of your interest rate on your mortgage,
34:56
Speaker 3: maybe it's time to check that and slide into our
34:59
Speaker 3: DA and we can hook you up with a broker
35:01
Speaker 3: that actually works for you.
35:03
Speaker 2: Simply gorgeous. Okay, finally, be my last question for you today.
35:08
Speaker 2: You and I chat about Super on this show more
35:10
Speaker 2: than probably anything else. Maybe I love Souper. How do
35:15
Speaker 2: we sort out our super at this time when we're
35:17
Speaker 2: out of the workforce.
35:18
Speaker 3: Okay, so first things first, I think, gee, springing this
35:22
Speaker 3: on you as well. I think we're going to do
35:24
Speaker 3: a mini super series in the not too distant future
35:27
Speaker 3: because I want to talk about super in more detail
35:29
Speaker 3: and actually have some wholesome conversations about like what it
35:32
Speaker 3: means and what risk profiling is, and like really dig
35:35
Speaker 3: into the nitty gritty of superannuation because I feel like
35:39
Speaker 3: we know what it is and how much gets contributed
35:41
Speaker 3: to it, and we know what compound interest is now
35:44
Speaker 3: and we know how it grows, But like, how do
35:47
Speaker 3: we make the right decisions for us? How do we
35:49
Speaker 3: actually tangibly pick a super fund? At what point should
35:53
Speaker 3: we be re reviewing our super fund? How do we
35:55
Speaker 3: know if our super funds are bad super fund? Like,
35:57
Speaker 3: I've just got a lot of questions that I know
35:59
Speaker 3: you guys want me to answer, So putting that to
36:01
Speaker 3: the side, we know Georgia that in Australia women retire
36:06
Speaker 3: with significantly less super than men do, and our non
36:10
Speaker 3: binary and our friends in the lgbtqia plus community also
36:15
Speaker 3: retire out with even less than women do. But that
36:19
Speaker 3: has a lot to do with this time in our
36:21
Speaker 3: lives when we are starting families or taking time off
36:23
Speaker 3: work or returning to work with reduced capabilities, So employers
36:27
Speaker 3: aren't legally obliged to actually make SUPER payments in relation
36:30
Speaker 3: to the paid parental leave, and we also don't accrue
36:33
Speaker 3: leave entitlements during the paid parental leave period. So to
36:38
Speaker 3: help out during this time, if you have a partner
36:40
Speaker 3: who would still be working while you're off, you could
36:42
Speaker 3: potentially ask them to help out by making voluntary contributions
36:46
Speaker 3: to your SUPER, which is a conversation that is hard
36:48
Speaker 3: to start, but I promise worth it in the long term.
36:51
Speaker 3: But also again thinking about should we be increasing how
36:55
Speaker 3: much we are contributing to SUPER? Is that of value
36:58
Speaker 3: to you personally? Is that something that you should be
37:00
Speaker 3: considering now or is it something that you're going to
37:03
Speaker 3: consider when you go back to work, Like how are
37:05
Speaker 3: we going to look after future us because we don't
37:08
Speaker 3: have to be the statistics if we choose not to
37:10
Speaker 3: be at an early stage. Like if we are saying
37:13
Speaker 3: women statistically retire with less SUPER than men, Okay, I
37:17
Speaker 3: don't want that, though, So how do I personally take
37:21
Speaker 3: myself out of that bucket and put myself in a
37:23
Speaker 3: different one that says I'm retiring with the on average
37:26
Speaker 3: amount or I'm retiring with more. How do I do that?
37:30
Speaker 3: What does that mean for me financially? And usually it's
37:32
Speaker 3: not such a significant change that it is going to
37:35
Speaker 3: financially cripple you. So I've just got lots to say,
37:38
Speaker 3: that's what that mean? He's super seriously about Jae.
37:41
Speaker 2: Can't wait? All right? Good f BD. Look we've gone
37:44
Speaker 2: on and on end, but I've loved it. I think
37:49
Speaker 2: the moral of the story is that there's a lot
37:51
Speaker 2: available for you. You're legally entitled to a maximum of
37:56
Speaker 2: two years off and that protects your role, but basically
38:01
Speaker 2: it all comes down to your workplace as well. So
38:04
Speaker 2: if you are confused you want more information, have a
38:06
Speaker 2: chat to your HR department and they will be able
38:09
Speaker 2: to help you out.
38:10
Speaker 3: Or we check our show notes because we've got resources
38:13
Speaker 3: linked just for you guys.
38:14
Speaker 2: Absolutely gee.
38:16
Speaker 3: As always, I think we've run out of time here.
38:18
Speaker 3: I feel like we always run out of time really quickly.
38:20
Speaker 3: But just before we head off, we'd really like to
38:23
Speaker 3: acknowledge and pay respect to Australia's Aboriginal and torrist Ray Island.
38:27
Speaker 2: To people's they're the.
38:28
Speaker 3: Traditional custodians of the lands, the waterways and the skies
38:31
Speaker 3: all across Australia. We thank you for sharing and for
38:35
Speaker 3: caring for the land on which.
38:36
Speaker 2: We are able to learn.
38:37
Speaker 3: We pay our respect to elders past and present, and
38:40
Speaker 3: we share our friendship and our kindness.
38:42
Speaker 2: The advice shared on She's on the Money is general
38:45
Speaker 2: in nature and does not consider your individual circumstances. She
38:48
Speaker 2: Is on the Money exists purely for educational purposes and
38:51
Speaker 2: should not be relied upon to make an investment or
38:54
Speaker 2: a financial decision. No, sir, and we promise. Victoria Devine
38:58
Speaker 2: is an authorized representative of Australia Pacific Funds Management Proprietary
39:02
Speaker 2: Limited a b N three four one three two four
39:05
Speaker 2: six three two five seven AFSL three three nine one
39:09
Speaker 2: five one. See you next
39:11
Speaker 3: Week, guys, Hi guys,