April 12th saw the further relaxing of the UK’s lockdown as recovery from the pandemic continues to proceed in line with the road map. Enabled by a world-leading vaccination program, the country is set to get back to work more normally and increase economic output sooner than much of the rest of the world.
The World Economic Outlook from the IMF (International Monetary Fund) has predicted the UK is set to outperform the US and Europe as it becomes the world’s fastest growing advanced economy through 2022.
Although the bad news is gradually receding about redundancies, some recent reporting of age-based analysis has revealed that some age groups have been hard hit by job losses.
The Office for National Statistics’ latest Labour market overview suggests under-25s bore the brunt of job losses, making up nearly two-thirds of redundancies since February 2020. The under-25s made up more than 60 per cent of the 693,000 payroll employees that lost jobs in the year from Feb 2020 – Mar 2021.
There is also a big impact on the over 50s. Analysis of Office of National Statistics data by over 50s online community “Rest Less” shows there were 107,000 redundancies of employees aged over 50 between November 2020 and January 2021. The redundancy rate for this age group is now higher than all others and is currently 12.8 per thousand employees. Compare this to the redundancy rate across the entire workforce in the three months to January 2021, of 11 people per thousand employees.
Despite the rather negative headlines generated by these statistics, there are also some very positive indicators that strongly support the optimistic outlook put forward by the IMF for the predicted recovery of the UK economy.
For example, there was an increase of 68,000 for on payroll employment in February 2020, the third consecutive monthly increase.
For UK recruiters this means hiring activity is set to take off. To help you capitalise on the COVID-19 bounce back, here are some takeaways from the past year under lockdowns.
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