Work is drying up for thousands of workers, with one in three reportedly taking a financial hit because of the pandemic. Here is how you can keep the bills at bay.
A Employment Snapshot report by SEEK reveals 8 per cent of workers had lost jobs, 10 per cent had their hours cut by more than half, and 12 per cent had their hours cut by less than 50 per cent.
Seven per cent of workers had taken a pay cut, 7 per cent had been stood down and 5 per cent had been directed to take leave, it found.
A separate survey of 1010 people by Finder.com.au has uncovered similar numbers, finding 32 per cent of Australians are working less or have had their workplace close.
Women are more likely to report they are now working less than before the virus, Finder’s research shows. They are also more likely to have had their workplace close or now be unemployed.
Financial adviser Dr Steve Enticott said there had never been so many financial coping mechanisms available to workers and they should take advantage of them.
The senior partner and founder of CIA Tax urged workers to call their bank, credit card issuer, landlord or any other organisation offering COVID-19 relief to arrange assistance.
Government initiatives such as JobKeeper and Jobseeker payments also provide an income boost, as does $10,000 superannuation withdrawals, and Dr Enticott said people could consider a second job on the side.
“From a side hustle perspective, (many workers are) being paid to stay at home, so that hobby or that passion – now is the time to do it,” he said.
“Get that website out, or that thing you want to do – you’ve got time.
“Use this opportunity as a period of re-calibration, to refocus and reset – think, ‘what do I like to do for fun? What are the sorts of things we need to be doing?’.”
Finder spokeswoman Kate Browne said people who had lost income because of COVID-19 would feel the effect of it long after the virus subsides.
“Now, more than ever, I’d like to stress the importance of staying on top of your finances,” she said.
“If your income has been impacted as a result of COVID-19, you have avenues of redress.
“All Big 4 banks are offering hardship support so it’s worth getting in touch with your bank to see how they can help.
“Whether it’s a pause on mortgage repayments or support of another kind, don’t be afraid to ask for help if you need it, and don’t wait til you are really struggling.”
WORK BY THE NUMBERS
32% of employees now work from home.
6% of workers have gained more hours.
18% of workers have been unaffected by COVID-19.
35% of employees earning more than $100,000 are working from home – five times as much as those earning less than $50,000.
15% report they are already unemployed
Source: SEEK, Finder.com.au
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What To Do If Covid-19 Has Cut Your Pay
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