Why should family leave be a part of Social Security?

Posted On August 31, 2018 by Editor

A bill was introduced this month that would “allow parents to use Social Security benefits to pay for new-parent leave.”

The Economic Security for New Parents Act (S.3345) would “borrow from the Treasury in the short term running a deficit, but it would recoup costs and break even fully by raising the Social Security full retirement age for participants by “six months for each paid leave lasting two or more months” every time they take a leave.”

For example, “A 29-year-old making $40,000 a year who retires at 67 would sacrifice around $17,550 for a $4,757 payment during the leave. This is about four times the amount borrowed.”

Social Security is the federal Old-Age, Survivors, and Disability Insurance (OASDI) program.