COVID-19: Devastating savings Sep 15, 2020
At this year’s AHICE conference, Ben Chapman from Intrust Super presented some analysis on COVID-19’s impact on the hospitality industry and their savings.
You can view the presentation slides here.
COVID-19 caused business closures and reduced hours across many industries, but in Australia, hospitality and tourism have been one of the hardest hit sectors.
A recent survey conducted by Intrust Super found that almost half of hospitality employers had to reduce staff hours by at least 20%. 60% said their staff levels may not return to normal until 2021 or later.
Between January and July this year, the super contributions for Intrust Super members who work in hospitality dropped by 61%.
A significant drop in super contributions could have a huge impact on retirement savings – an impact that would only be compounded by any withdrawal of super under the Government’s early release provisions.
If you’d like to discuss these issues with an Intrust Super Relationship Manager, please email email@example.com.