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Planned redundancies soar 54pc

by Benefits Expert
07/11/2023
upskilling
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The UK has witnessed a 54% increase in planned redundancies over the past year, surging from 182,790 in 2021/21 to 280,760 in 2022/23, ending October 31, says specialist employment law firm GQ|Littler.

Philip Cameron, partner at GQ|Littler, attributes the surge in redundancies to increasing interest rates. He says in the UK interest rates are at a 15-year high of 5.25%, which puts a heavy financial burden on firms.

Additionally, businesses are contending with high wage inflation, as annualised regular pay growth reached 7.8% between June and August 2023, while total pay, including bonuses, grew by 8.1% during the same period.

Planned redundancies, involving 20 or more employees within 90 days, must be notified to the government. 

Cameron says: “The increase in planned redundancies this year has been sharp – interest rates being ‘higher for longer’ is really starting to take its toll on business.

“Jolts in the wider economy – including wage inflation – are putting extreme pressure on businesses to find savings. Often, this means job cuts.

“Even though businesses are feeling a lot of pressure to cut payroll costs, employers should approach collective redundancies with care. A rushed redundancy programme can seriously damage a business’s reputation – and in some cases lead to litigation from disgruntled former employees with costly consequences if the employer has got it wrong.”

 

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Return-to-office mandates are a topic that’s generating plenty of heat in the media, but how closely do the headlines match workplace reality? 

In this episode, one of a three-part series of 10-minute podcasts, hosts Claire Churchard and Steve Herbert discuss data that shows remote or home working is on the rise.

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Benefits Unboxed – Hybrid work: reality versus rhetoric
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