Furlough UK: Rishi Sunak’s extension linked to ‘grim’ redundancy figures | Personal Finance | Finance


On redundancies, it was revealed the number of people who reported redundancy in the three months prior to being interviewed increased by a record 217,000 on the quarter, reaching a record high of 370,000.

When examining the data, it showed redundancy rates are now higher than their peak seen in mid-2008, at the height of the last financial crisis.

The ONS also reported that according to the Business Impact of Coronavirus (COVID-19) Survey, seven percent of businesses interviewed during the October 19 to November 12 period expected to make redundancies in the three months following the survey.

The Chartered Institute of Personnel and Development (CIPD) Labour Market Outlook for autumn 2020 also reported the proportion of firms wanting to make redundancies was at 30 percent and within these firms, 47 percent detailed they intend to make 10 percent or less of their workforces redundant.

READ MORE: Furlough: Rishi Sunak ‘must’ extend scheme into the summer

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