If they win the election, Labor has promised to pay superannuation to parents on government parental leave and to those who earn less than $450 a month.
The Labor party has announced a long list of changes to superannuation as part of a plan to help prevent women from entering āabject povertyā upon retirement.
The new policy would cost around $409 million over a 4 year period and would apply to both women on maternity leave and men on paternity leave.
Labor has also said it would also get rid of the $450 earning threshold at which super payments begin to be made.
Shadow Treasurer Chris Bowen criticised Australiaās current superannuation system, saying that it wasnāt working āas well as it should for Australiaās womenā.
Under the plan, Mr Bowen said that a mother-of-three who took maternity leave 3 separate times would be $30,000 better off upon retirement. He also said that women would benefit from changes to the minimum earning amount at which super payments start.
He said that the policy was needed especially because of an āincrease in casualizationā as well as āpeople working more low-paid jobsā and that these people need more money in their superannuation accounts.
He said that it was an āanomaly that had got to be fixedā and that it was a āmatter of fairnessā.
If enacted, the new policy is expected to help hundreds of thousands of Australians, including 200,000 using paid parental leave.
Labor leader Bill Shorten said that the plan used compound interest to boost retirement savings and that it would mean women would no longer have to pay a āmotherhood penaltyā.
He said that āAustralian women deserve to be treated equallyā and that āa husband is not a retirement planā.
He said that the plan was not discriminatory, and that it was meant to ensure women āhave some independence in their retirementā.