As the banking sector starts to recover and evaluate what happens next after HSBC announced their plans to cut 25,000 jobs last week, we've taken a look at redundancy in the UK - and where you're most likely to lose your job.
Redundancies in the UK have fallen gradually since 2010 as the economy gradually recovers from the double dip recession; overall, there were 610k redundancies in 2010, and only 435k in 2014. Gender seems to be following suit, as redundancies are falling for both men and women, although, startlingly, the re-employment rate for 25 - 34-year-olds fell to 37% during October - December last year; the lowest it's been since 2012.
However, even though the rest of the UK is enjoying diminishing unemployment rates, things aren't looking so great for London and the South East.
Unemployment rates have risen steadily since 2012 in the South East, with almost 54,000 people losing their jobs last year, compared with 49,000 in 2012. London's unemployment rates have followed suit; since 2013, rates have risen. The year that should have brought mass employment to the capital - 2012, the year of the Olympics - also brought massive redundancies, with 64,000 people in London losing their jobs.
Last year, 112,000 people were made unemployed in London and the South East - and the worst period was October to December, when 34,000 people working in these areas lost their jobs.
You might be wondering what our point is, so we'll be brief - redundancy and unemployment can affect anyone, and even short-term unemployment can put a huge strain on your finances. Paying your mortgage or rent can be a massive squeeze, and if you've got a family to look after, your stress levels can go through the roof. If you take out Columbus income insurance, we can help to manage that stress.
We'll protect your family’s finances in the event of losing your income through accident, sickness or unemployment with generous and flexible benefits which include:
- Covering up to 60% of your gross income
- Cover that has no exclusion for dismissal
- Also no exclusions based on your job or industry
- Carer cover is included
- We cover for stress, anxiety, and depression, as well as back conditions*
- We offer age-banded premiums, and there are no hidden admin fee
- Our cover starts from only £2.20 per month
Find out more about our income protection here.
We got our figures from the Office of National Statistics, and referenced Red02.
*Cover is only provided for stress, anxiety, depression, fatigue or any other mental or nervous disorder or any condition of a psycho-neurotic origin when you have been diagnosed by a registered Consultant Psychiatrist and continuously remain under their supervision. Back conditions are covered under the sickness section but not if they are a pre-existing condition.