The gender pay gap isn’t the only issues hurting female-dominated sectors in Australia
While it will be a some time before the full effects of COVID-19 on women’s finances are known, the sectors most severely affected are dominated by women in the workforce - Associate Professor Banita Bissoondoyal-Bheenick, an Associate Dean of Finance in the School of Economics Finance and Marketing at RMIT University, explained to HRD.
Australian Bureau of Statistics data shows that 325,000 women were made unemployed in April, which is 55 % of all jobs lost in Australia, while female work hours reduced by 11.5 %, compared to a 7.5 % reduction in male hours.
“We should also note that 70% of those employed in the health and social work sector are women and fall into the lower income earning groups of society,” Bissoondoyal-Bheenick told HRD.
“The higher rate of job losses by women coupled with early withdrawal of super could further exacerbate the gender super gap, leaving many women’s long-term super balance at a bare minimum or simply being eroded completely.”