New research by the Chartered Institute of Personnel & Development quoted today in the i Paper says that public sector job losses will only be partially offset by new employment in private businesses. A survey of 750 employers suggests that more are intending to cut back on jobs in the next few months than are planning to create new positions.
Two-thirds of public sector employers plan to reduce their workforce, although private manufacturing businesses and service industries are intending to expand staffing.
Whatever the reality of this and the way it pans out, there are clearly going to be winners and losers. Now is the time to think carefully about protecting yourself as much as you can. Mortgage protection and general income protection policies can still be obtained although it will be too late once you are notified that your job is at risk of redundancy.
Contact us now for a discussion about the availability / suitability of cover and for a quote.