11,000 jobs gone in two days more to come?

[DreamChaser23]

www.google.com/amp/s/www.bbc.co.uk/news/amp/business-53247787

It seems from August employers will have to pay pension and national insurance contributions so firms are increasing in the number of redundancies.

Of the 9m furloughed how many do you think will lose their jobs before 2021? More than half at least?

Furlough kept the employment market orderly. To do nothing would have dumped millions of people into unemployment at once, some of whom would have been able to apply for their jobs back months later, but too late to prevent homelessness and insolvency.

Leases would he abandoned en masse, loans and mortgages defaulted. Shops closed. Key - incl. food supply - chains interrupted. Total chaos.

The run on of the dominoed financial disorder would have totally collapsed our economy and plunged families (and children) into a generation of poverty.

Furlough did its job.

I worked in the tech industry for many years and they made redundancies every year regardless of the state of the economy. There will be companies that will be taking advantage of the current situation to clear out 'dead wood' and re-structure.

On a positive note though, there are companies that have done well out of the crisis and are growing/employing more people. Although jobs are disappearing we can only hope that as things start to recover jobs will come back again.

It would be an excellent time to start Universal basic income

@Turnedouttoes

I’m actually shocked at the number of people I’m connected to on LinkedIn who have already been made redundant. And most of them in industries or huge businesses that you’d assume would be relatively safe. Such an awful worrying time

Which industries are they in out of interest?

i think a lot more people will learn to not waste money

@billysboy

i think a lot more people will learn to not waste money

I think a lot of people already struggling will find things even harder

@billysboy

i think a lot more people will learn to not waste money

Agree. There is post after post on mn alone declaring exactly this. Lockdown has been an eye opener for many on how much frivolous spending they do. Not so great for coffee shops etc, but I think that will be a real change coming from all this.

Meanwhile Johnson and William Wragg were chortling away in Parliament yesterday about beauty salon closures while people's livelihoods are on the line! Would they be so disrespectful about other work sectors!?

It would be an excellent time to start Universal basic income

Absolutely agree. There are so many points in its favour and it’s cheap to implement compared to our complicated benefits system. People would still work because many people would want to earn more, or just because they enjoy doing something. It would get the economy moving quicker because people would feel confident to spend their money knowing they definitely had more coming in.

Got to be better than millions losing their homes/ having nothing to eat.

It’s fucking crap isn’t? Millions of people will be looking for jobs . If a company gets rid of 100s of staff, presumably lots of them will be applying for similar jobs? A friend of mine applied for a job recently and 1500 other people applied! This is in Central London.
Is this pain really worth it? Surely protecting care home and vulnerable people is the better way of doing things. For Christ sake, what chance do our children have?

My company went into administration early into lockdown whilst I'm still employed why the company winds down redundancy is approaching in the coming few months

I was furloughed early April and was given notice of my redundancy yesterday. Fortunately DH is still working, but we will be tightening our belts considerably.

Ours has put 30 on redundancy today. There will be more this is just first lot

I think this is like a snowball starting its run downhill

It would be interesting to understand what industries all these redundancies are in.

DP is redundant from his hospitality role. My role in tech seems secure for now.

Most of the redundancies I’ve seen (in the news) seem to be in retail, hospitality and travel.

"The delicate web of dependency" is spot on.
We've seen it a lot in the North over several decades. When a whole town's economy was centred around shipbuilding, mining, docks/ fishing, or steelworks. When that industry folded so then did the auxiliary jobs that were reliant on it.

I like the snowball analogy..(maybe "like" isn't the best term given the circumstances)

It would be interesting to understand what industries all these redundancies are in.

I'm "in" that current unfashionable industry called aviation, at an airline. Potentially thousands of jobs on the line in our company, ATM it's just a case of unions doing their best to mitigate the damage/reduce numbers laid off but once consultation is over and JRS unwinds there's going to be bad news, just no idea of the scale.. you'll hear about in the MSM when it happens.

..There is no doubt a parallel process going on at the companies that do things such as supply us with catering, the refuelling companies..and those ground jobs going will have a big impact on the community around the airport.

"Delicate web of dependency" .. it is indeed..

Good luck everybody.

It would be an excellent time to start Universal basic income

Absolutely agree. There are so many points in its favour and it’s cheap to implement compared to our complicated benefits system.

In principle I like the idea of UBI but I'm not sure how we'd be able to fund it. I haven't checked, but off the top of my head I think the government spends something like £250bn a year on welfare, including pensions. Scrapping all that and dividing the money between all 70m people living in the UK would give us less than £3500 each, and there would be no additional benefits - for pensioners or people who were severely disabled that £3500 would be all they were ever entitled to.

@psychomath

UBI would also take out most of the current cost of administering benefits too. As UBI would just be paid to all eligible people above a certain age. Take out that cost and you get about 6k per year, per eligible person.

@TazSyd

It would be interesting to understand what industries all these redundancies are in.

DP is redundant from his hospitality role. My role in tech seems secure for now.

Most of the redundancies I’ve seen (in the news) seem to be in retail, hospitality and travel.

Legal sector. A lot of law firms are suffering

@Hearwego

It’s fucking crap isn’t? Millions of people will be looking for jobs . If a company gets rid of 100s of staff, presumably lots of them will be applying for similar jobs? A friend of mine applied for a job recently and 1500 other people applied! This is in Central London. Is this pain really worth it? Surely protecting care home and vulnerable people is the better way of doing things. For Christ sake, what chance do our children have?

If my job is on the next wave redundancies I can't see I'll get another job in the sector. Thinking of trying for supermarkets just keep some money coming in

@EnlightenedOwl

My friend is a solicitor, she says she’s busier than ever. Perhaps it depends what area of law you are in?

Thinking of trying for supermarkets just keep some money coming in

They’re inundated with applicants, as everyone thinks this is the solution. Another friend has been made redundant (travel sector) and he has been rejected by the supermarket roles he has applied for.

[quote TazSyd]@EnlightenedOwl

My friend is a solicitor, she says she’s busier than ever. Perhaps it depends what area of law you are in?[/quote]
Yes you're right it is. Some areas are doing really well others have nose dived

Legal sector here too and also very busy, it’s not about the volume of work necessarily but depends on the business model. I couldn’t keep up with the work and now it has to be done by less people. And in a busy area of law as well.