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Almost one third of the British public fear that they could be made redundant over the next 12 months, according to alarming new research from HSBC.

Out of thousands of working UK residents surveyed by the bank in recent weeks, a staggering 29% felt their job is not secure for the next 12 months. That figure rose to 37% among public sector workers over the age of 55.

However, this trend reverses among the younger employees, with 77% of public sector workers aged 16-24 feeling their job is secure over the next 12 months compared with 71% of private sector workers in this age group.

“Obviously we are in a difficult financial period with many people feeling insecure about their job prospects and experiencing a squeeze in their standard of living. While this feeling of a lack of job security is particularly acute among older people in the public sector, everyone seems to be feeling the squeeze on their finances,” commented HSBC’s Richard Brown.

“While spending may be curbed, it is important for people to put aside sums of money on a regular basis to build a rainy day fund. In times of uncertainty, it is all the more important that people have contingency plans to deal with any unexpected future occurrences.”

According to HSBC figures, based on the median weekly gross salary of £499, the average person would need £1,667.25 in savings for every month they spent in unemployment to maintain their current standard of living. To compound the issue, similar research found in the latest ONS Labour Market Survey shows that 1.2 million people were out of work at some point in the last 6 months, meaning that they would need a significant savings pot to cover the unexpected redundancy.

Victims of redundancies in the future have been advised to seek legal advice and ensure that their employer’s redundancy procedure followed current guidelines. Illegally enforced redundancies can result in substantial compensation payouts for victims and anyone who feels they fall into that category should approach our solicitors today.


Written by Andrew Hodges

May 27, 2011 at 4:27 pm

Posted in Comment, LinkedIn

Tagged with , ,

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