According to the panel, the combination of unemployment and withdrawal of post-retirement savings means that young women may never recover from the effects of the COVID-19 pandemic.
At the Women in Super (WIS) National Roadshow, WIS National Chair Kara Keys said the early release of the COVID-19 pandemic had a tremendous impact on young women.
“Many young women have withdrawn all of their retirement savings, and modeling shows that they can never regain what they have withdrawn,” says Keys.
“To be honest, that’s pretty scary. In my view, withdrawing the government’s policy that people must fund their pandemic response by allowing people to withdraw their retirement savings. The fact that I did was totally irresponsible.
“Currently, there is a large group of young women in this country who are unable to regain their withdrawn retirement pensions.”
Elizabeth Hill, a professor of political science and arts and social sciences at the University of Sydney, said that time loss and withdrawal from the labor market exacerbated the problem and remain a problem for women, regardless of pandemic.
“We know they are being hit because our super retirement system is a mirror image of our participation in the labor market,” Hill said.
“I also know the emergency access provided to my retirement pension account. [was taken up by] There are more women than men.
“Because of the multiplier effect of our retirement savings system, we will also track it.”
According to Hill, the COVID-19 pandemic was the first economic crisis ever experienced, with women losing more jobs than men.
“All three factors, the unique nature of the crisis, the structure of the economy, and the feminization of the labor market have combined to expose women more than ever before the current COVID crisis,” Hill said. ..
Ray Cooper, a professor of women’s, work and leadership research at the University of Sydney Business School, said the reason women are more likely to lose their jobs during a pandemic is due to their work flow.
“The most quickly affected areas are also those with very high capitalization and lack of permanence in employment,” Cooper said.
“These jobs were the first to be done and they were done by women, so they all only reflect the existing separation of the workforce by strong gender.”
Women were more likely to lose work and time than men during the crisis, according to Hill, but the majority of JobKeeper recipients in 2020 were men.
“We can see that the same gender pattern is occurring in the inclusion of disaster payments for workers in 2021,” Hill said.
“JobKeeper’s design had structural characteristics that were only accessible to workers who worked for more than 12 months, and many women dominated the short-term and temporary labor markets and were ineligible.”
Cooper said women are doing more unpaid work at home, especially if their children are learning from home, which affects their ability to find jobs.
“Women are really suffering from health and well-being now … Alcohol consumption is increasing faster than men, which is related to their responsibility for care,” Cooper said.
“During the pandemic, one in ten women experienced domestic violence and one in three experienced abuse from an intimate partner at home.
“Many women are stuck in a very dangerous situation during the blockade, which has been going on for almost two years.”
Young women “may never recover” from a pandemic
Source link Young women “may never recover” from a pandemic