Women harder hit by retrenchment as a result of the pandemic crisis, and the global economy suffered as a result. The South African insurer Old Mutual reported Monday that 58% of 2020 retrenchment cover claims were paid out to women, showing that the economic effect of COVID-19 affected working women worse than working males.
According to Old Mutual insurance claims, women held two-thirds of the three million jobs lost between February and April 2020.
The newly released Old Mutual Claim Statistics Report indicates that 58% of 2020 retrenchment cover claims were paid out to women, showing that the COVID-19 economic impact affected working women more than working men.
The insurer claimed it paid out 30% more in retrenchment cover claims in 2020 than it did in 2019, an R3 million rise.
Old Mutual’s Retail Protection Product Head, John Kotze said, “This is one of the highest-ever increases in retrenchment cover claims, directly related to the COVID-19 outbreak and the economic devastation that followed.”
Women harder hit by retrenchment and lost jobs in the leisure and hospitality sector and retail, professional and business services, and non-durable goods manufacturing, the IWPR study suggests. In some cases, women lost jobs, even as men’s employment continued to grow. For example, this happened in the education and health services, financial services, construction and information sectors.