Australia (via Guardian). Superannuation is like a 401k or an IRA or whatever, a pension fund backed by investments. They're mandatory over here, every worker has one, employers have to contribute about 10% of your pay plus you contribute 5-10% of your pay. There's a load of them, including run by big banks, but the best ones are run by the unions for each industry. Union controlled super-funds own more assets (including shares, but also like roads and property) than the entire value of the Australian stock market. But:
>The government has changed the rules to allow people suffering financial distress because of Covid-19 to access $10,000 from their superannuation now, and then again, if needed, in the next financial year.
If you're doing this, it means you're already poor enough to need it. Now you'll not just be 10-20k poorer, but you'll be compound interest amounts poorer, when you retire. And in order to realise that money, the super funds will need to sell assets, largely including ASX shares. So now big institutional investors are selling shares on the market, when the market is already down. And they're selling, which means prices go down more. It's beautiful. And all this to push the cost onto the workers directly rather than the government paying and taxing higher afterwards.