economic crisis spain
economic crisis spain
The Financial Crisis Deepens as Unemployment Rises
The current number of people unemployed in the U.K. stands at 1.79 million, increasing from 1.72 million in July 2008. The Unemployment rate stands now at 5.75%, the highest level of unemployment since in 1991 amidst the U.K.’s last economic recession during the premiership of John Major.
This increase has put extra strain on public funds, with an increase of 3.6% in claimants for jobseekers allowance – the biggest monthly rise since 1992. Redundancies have also been on the increase, with 138,000 people made redundant from April to June 2008, rising an incredible 78% from the three months previous. Redundancies have flowed from a number of sectors, although mainly those most affected by the credit crunch, namely Northern Rock, Ford, UBS, HSBC and investment bank Lehman Brothers. Meanwhile, the housebuilding industry has seen job losses of 6,000 per week.
This acceleration in the number of people finding themselves out of work, coupled with a drop in the number of vacancies, highlights that the economic downturn has had a direct effect on demand for labour. This weakening of the jobs market looks set to continue, meaning that the number of people unemployed in the U.K. may rise above 2 million by Christmas, with further job losses in 2009 and possibly beyond. At the current trajectory towards full-blown recession the number of people unemployed could reach 3 million – or 9% – by 2010.
Those most at risk are lower-skilled workers who have little or no training to fall back on, but with 20% of employers looking to cut their workforce it is imperative to know a little about the laws to protect employees from falling victim of unfair redundancy.
Employees who have served longer than two years can expect at least a minimum statutory payment, which is tax-free up to £30,000. This amount is capped at £330, but there are also particular terms and conditions dependant on the age of the employee during service (half the weekly amount for each year served under the age of 22 and 1.5 times the same amount for every year over 41 years old). Although this is a minimum statutory payment, particular terms are on an employer-by-employer basis. Some firms offer more generous redundancy packages, such as a month’s pay for every year at work.
Employees made redundant that have less than two years of service do not have the right to a statutory redundancy pay. However, this does not necessarily indicate that there will be none forthcoming.
Overall the future looks bleak. Although the unemployment rate of 5.75% in the U.K. is below other comparative countries (Germany 8.4%; Spain 8.3%; France 7.5%; United States 6.1%) we also have the worst personal debt record in comparison. Figures such as these highlight the necessity to save money when we can, so that if and when the crunch comes we can be prepared for it and we can meet our financial obligations. The only certain thing in such a turbulent time is more uncertainty, and with a question mark over our future we must do everything in our power to guarantee our security.
About the Author
Ricardo Reeves is an expert in debt management and has helped hundreds of families free themselves from a stranglehold of debt.
Is the Global economic crisis giving you that ………………?
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