A huge number of Australians have applied to draw down on their retirement funds, raising fears that will effect everyone’s nest egg.
“The whole idea of superannuation is the beauty of compounding over time, which means you have time working in your favour for a long-term investment.
But she strongly advised those struggling to make ends meet to exhaust other channels such as the government’s massiveThe Aussie stock exchange has plunged more than 20 per cent since the deadly virus took hold of supply chains and trading conditions. “The sheer number of redemptions coming through from super funds presents a challenge,” Ms Lee said. “If they don't have enough cash it means they'll have to sell assets.
“Selling off your super in a subdued market means many will lock in the falls and miss the recovery,” he told news.com.au.“It also has potential consequences for all super holders given some superannuation funds which have a lot of members cashing up will be forced to sell assets at potentially fire sale prices.”The money won’t be paid to eligible workers directly – instead, employers will pay their staff and be reimbursed by the government.
Companies will be able to cut employees’ hours so their income matches the $1500 per fortnight JobKeeper payment, as long as there is not enough work available for them in their normal role.You must be employed currently or had been on March 1 this year, including those who were let go since and rehired.
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