The Qld suburbs hardest hit as 6000 workers drain super
Almost 6000 Queensland hospitality workers have completely drained their superannuation accounts using the early access to superannuation scheme brought in to ease the economic impact of the COVID-19 pandemic, according to Hostplus.
Hostplus, the big super fund for the hospitality industry, said the pandemic had hit many of its members hard through the sudden loss of employment or reduced work hours.
As at 4 September, Hostplus had made payments for 62,000 early release of superannuation (ERS) applications for $446m from Queensland members.
"Around 6000 of these members have exhausted their balance as a result of their ERS claim," Hostplus said, noting that many claims had come from Gold Coast workers.
The highest number of early release claims in Queensland were from members living in Surfers Paradise, followed by Southport, Upper Coomera, Port Douglas, Robina, Labrador, Pimpama, Coomera, Fortitude Valley and Maroochydore
Nationally, Hostplus had processed 387,027 early release applications, totalling over $2.8bn by September 6. Some 38,000 members have completely emptied their accounts.
Hostplus CEO David Elia said the 25 to 44 year old age group had dominated the withdrawals, with female members accounting for approximately 46 per cent of claims.
"Hostplus remains well placed to support those members who have taken the decision to access their super early as a means of additional financial support during these challenging times," Mr Elia said.
"Our team has been working hard to ensure members who have lodged ERS applications
receive their payments as soon as possible."
He said 97 percent of ATO-approved applications are processed within 5 business days.
(Qld suburbs with highest number of ERS claims, in descending order)
Originally published as The Qld suburbs hardest hit as 6000 workers drain super