UK markets closed
  • FTSE 100

    5,577.27
    -4.48 (-0.08%)
     
  • FTSE 250

    17,214.38
    +36.70 (+0.21%)
     
  • AIM

    948.60
    -0.70 (-0.07%)
     
  • GBP/EUR

    1.1122
    +0.0058 (+0.52%)
     
  • GBP/USD

    1.2957
    +0.0034 (+0.26%)
     
  • BTC-GBP

    10,424.94
    +140.59 (+1.37%)
     
  • CMC Crypto 200

    263.96
    +0.33 (+0.12%)
     
  • S&P 500

    3,252.59
    -57.52 (-1.74%)
     
  • DOW

    26,342.42
    -316.69 (-1.19%)
     
  • CRUDE OIL

    35.46
    -0.71 (-1.96%)
     
  • GOLD FUTURES

    1,879.20
    +11.20 (+0.60%)
     
  • NIKKEI 225

    22,977.13
    -354.81 (-1.52%)
     
  • HANG SENG

    24,107.42
    -479.18 (-1.95%)
     
  • DAX

    11,556.48
    -41.59 (-0.36%)
     
  • CAC 40

    4,594.24
    +24.57 (+0.54%)
     

Majority of Brits fear losing their job when furlough ends

LaToya Harding
·Contributor
·2-min read
Job centre unemployment
A sign is seen outside a job centre branch. Unemployment has soared to a three-year high. Photo: Toby Melville/Reuters

The majority of Brits fear being out of work once the furlough scheme ends in October as the coronavirus pandemic continues to wreak havoc on the economy.

As many as 59% of workers, in a survey of 11,239 people, said they were worried about losing their jobs, while only 29% did not consider job loss an immediate concern when the current scheme ends.

In May, chancellor Rishi Sunak extended the UK furlough scheme for workers, which covers 80% of pay, until the end of October to prevent job losses over the summer months.

However, according to the new findings from research platform Piplsay, Millennials and Gen Xers are among those most afraid of losing employment despite government efforts to cushion the blow.

Data also showed that just a third of Brits felt the chancellor’s new Job Support scheme, which starts on 1 November, is fair and justified. Some 35% admitted to not knowing much about it, and the number of those labelling it unfair was 17%.

READ MORE: Job Support Scheme: What do the October furlough changes mean?

The new scheme, which has similarities to other support schemes seen in Europe, is only currently available for six months ending April 2021.

Government contribution will be capped at £697.92 a month compared with the initial £2,500 plus associated employers’ national insurance and pension contribution under the Job Retention scheme.

It comes as the UK continues to reel from the most severe job security crisis in years, with unemployment soaring to a three-year high.

Almost 10 million workers have now been placed on furlough since the scheme began.

Watch: What is the chancellor’s Job Support Scheme?

Additional research from global recruitment specialists MRL also revealed that 42% of UK workers admit to looking for new employment despite already working.

Those living in Newcastle, Southampton, Nottingham, Belfast and Leeds felt less secure about their jobs compared with workers in Edinburgh, Norwich, Birmingham, Manchester and London.

Billy Humphreys, an MRL spokesperson, said: “Within the current climate, it’s not uncommon for employees to experience job insecurity. Businesses need to retain and reassure their staff by showing commitment in other ways.

“Training and development is one way; with many employees stuck at home, this is a great opportunity to upskill whilst working remotely.”