Unemployment, Payment Protection Insurance

One in five 16 to 24 year olds are now out of work

The figures released by the Office of National Statistics (ONS) yesterday reported rise of unemployment by 32,000 in the age group 16 to 24 years, 951,000 are without jobs, the highest figure since records began in 1992. On an overall basis, for the three months to November 2010, the employment rate for those aged from 16 to 64 was 70.4 per cent, down 0.3 on the quarter. People in employment aged 16 and over fell by 69,000 on the quarter to reach 29.09 million. 

Along with this, as expected, the number of employees and self-employed people who were working part-time because they could not find a full-time job increased by 26,000 on the quarter to reach 1.16 million, again the highest figure since comparable records began in 1992. There are about 2.5 million people that are currently unemployed. The gender split is 60% males and 40% females.  

While the Prime Minister David Cameron said any rise in unemployment was a "huge concern", Labour leader Ed Miliband accused Mr Cameron of "complacency".

Stuart Boseley, Director Best Insurance said that they have seen a huge surge in people buying redundancy insurance. Income protection cover and payment protection insurance are ways by which people can reduce the risk of not having money if they lose jobs.

Best Insurance specialises in Income protection policies and offer free advice to people who are looking to buy these policies.

Best Insurance is rated 4.7 stars by Reviews.co.uk based on 865 reviews