A total of 2.8 million people in underserved groups such as care workers and women are currently missing out on pension savings at work, up from 2.5 million in 2020
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Around 300,000 women in the UK have been left without their pension at work because of the pandemic, new figures reveal.
Figures show that around 2.2 million women now have a gap in retirement pot at work – in addition to 600,000 disabled people, 35,000 carers and 106,000 many job owners not earning £10,000 “activated” will be automatically enrolled in a workplace pension in a single job.
Report compiled by pension provider NOW: Pensions in collaboration with the Pension Policy Institute (PPI).
It says that from carers and single parents to part-timers, the pension savings gap for some of the most financially at-risk groups has worsened over time. Pandemic caused by corona virus.
Generally, income levels tend to fall more for those on lower pensions, and the ability to keep up with bills, save and pay off debt is lower in these groups.
The report said they may also find it more difficult to avoid accessing pension savings during times of investment volatility in 2020.
The researchers found that people in below-average retirement groups were more likely to experience labor market inequality and to be affected by excesses and excesses.
They are more likely to work in industries most affected by public health restrictions, such as retail, hospitality and tourism, or in low-paid, part-time or non-employment jobs. regularly.
The new automatic registration is a government initiative that requires all employers automatically enroll employees in a pension scheme and contribute to it if they are 22 or over and earn more than £10,000.
But the report calls for the £10,000 threshold to be scrapped to ensure more workers are planning for their later lives.
Samantha Gould, head of campaigns at NOW: Peer, said: “We hope that this report will help raise the profile of these savings gaps and boost industry and planners alike. policy making to close the pension savings gap and create a fairer pension system.”
A Department for Work and Pensions spokesperson said: “Helping women save for retirement remains a Government priority, including during the pandemic.
“Thanks to automatic enrollment, the latest figures show that the number of women receiving a workplace pension equals the number of men.”
Who is the allocated group below?
- Divorced women
- Single mothers
- People with disabilities
- Ethnic minorities
- Lots of work
https://www.mirror.co.uk/money/300000-more-women-left-shortfall-25646997 The remaining 300,000 women lack pensions at work because of Covid