News – AU – $ 36 billion excluding APRA retirement plans

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Latest data from the Australian Regulatory Authority (APRA) on Super’s early release shows that workers subsequently withdrew more than $ 36 billion from their retirement assets were forced to find their own crisis response

More than 34 million workers relied on their retirement savings during the pandemic, with workers in the aviation, childcare and university sectors being completely excluded from JobKeeper’s support

Casual workers who had worked for an employer for less than a year were completely banned from JobKeeper, making hospitality workers the hardest hit

More than 700000 workers were forced to empty their retirement accounts completely, with 80 percent under the age of 35

In March, JobKeeper will be retired and JobSeeker will be rolled back to its prepandemic rate of $ 40 per day

“A 30-year-old who closed his account by withdrawing 20$ 000 empties, retires by nearly 80$ 000 would be worse off This government has created a legacy of poverty by implementing a program to shift the burden of responding to this crisis from government to government Individual

“Women are currently retiring 47 percent of their pension as men, and if they are forced to withdraw from their retirement savings that gap will widen

“Workers urgently need to rebuild their super from this hit to retire with dignity, and the Morrison government must re-commit to the 12 percent increase in the superannuation guarantee already established by law

“Currently, the average Australian will run out of Super 10 years before they die We should increase the super number without exhausting it ”

Australian Regulatory Agency, Australian Superannuation, Saving, Finance

News – AU – $ 36 billion excluding APRA retirement plans

Source: https://www.miragenews.com/36-billion-stripped-from-retirement-savings-511461/