ANZ has announced it will contribute to the KiwiSaver of staff on parental leave.
UN Women New Zealand president Angela McLeod says other businesses should follow suit, to help mothers save a retirement nest egg.
“The difference between a woman and a man at retirement can often be $3-400,000.”
While women are better educated than men, ANZ research shows women continue to lag behind on earning power and retirement savings.
Angela McLeod said being family-friendly will benefit the business in the long-run.
“It’s actually good for business because it’s good for that employee’s engagement. People are going to want to work for them, and stay working for them.”
ANZ research suggests the average women will retire on three quarters of the savings of the average man.