World Socialist Web Site wsws.org 20 Mar, 2021 08:15 am

Millions of Australian workers forced to deplete their retirement funds amid pandemic

Millions of Australian workers forced to deplete their retirement funds amid pandemic
Many of those accessing their superannuation accounts were from low-paid and casualised employment in the retail and hospitality sectors, often leaving them with little or no retirement funds.

Hostplus, a super fund set up for hospitality workers, which oversees $44 billion, saw 426,015 members withdraw just over $3 billion.This gives the union bureaucrats, who sit on the super fund boards, a direct material interest in driving up the extraction of profits from the labour power of workers, who are also forced to contribute to the funds whether they like it or not.The salaries of super fund CEOs stand in stark contrast to workers’ wages, contributing to the growing gulf between the financial elite and the working class.46 million people withdrew $36.

Most people who withdrew twice took out more on their second application than on their first, averaging $8,268.Official data published last month on the federal government’s COVID-19 Superannuation Early Release Scheme provides an insight into the growing financial and social distress confronting working class families across the country.

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