As per the latest study of CIPD (Chartered Institute of Personnel and Development), redundancy intentions with employers were at their highest level since it began in 2004.
The study also discovered that 4 out of 10 organisations have planned for redundancies in the first quarter of this year. These included one-third of NHS employers, half of central government and three-quarters in local government.
According to the latest ONS (Office for National Statistics) figures, UK unemployment rose by 49,000 and as of up to end November it was almost 2.5 million.
While there is hope that the private sector will revive and some of the short gap will be filled, a lot of uncertainty still remains. Growing inflation and risk of Bank of England putting up their interest rates are compounding the uncertainty in the job market. Kesh Thukaram, Director of Best Insurance commented, we have seen a sudden surge in people buying redundancy cover and other types of income protection and payment protection policies, the impact of government cuts on spending should not be underestimated.
Best Insurance is a specialist protection insurance provider and offers a wide range of income protection insurance and payment protection insurance products. The redundancy cover is a very comprehensive product and pays over a 12 month or 18 month period depending on customer’s requirements.
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