Labour’s employment legislation and national insurance blamed for rising joblessness

cityam

Feb 17

Employment among 16 yo 64 year-olds slipped to 75 per cent National insurance hikes and the employment rights act mean businesses are being forced to cut back on hiring, business leaders and analysts ...

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business leaders and analysts ...</p>\n\n<a href=\"https://www.cityam.com/employment-act-blamed-for-rising-joblessness/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4567","symbol_name":"ESG概念","start_time":0,"source_url":"https://www.cityam.com/employment-act-blamed-for-rising-joblessness/","article_id":"2612145908","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2025/01/GettyImages-2178500566-e1737115042903.jpg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/employment-act-blamed-for-rising-joblessness/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2612145908","pubTimestamp":1771327569,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Employment among 16 yo 64 year-olds slipped to 75 per cent National insurance hikes and the employment rights act mean businesses are being forced to cut back on hiring, business leaders and analysts have said.The labour market continued to loosen at the end of last year, according to new Office for National Statistics  data, with unemployment climbing to 5.2 per cent between October and December – the highest level since early 2021.The employment rights act, which passed into law in December and is being rolled out in phases, could further deter firms from hiring, analysts said.Rising wages have been blamed by some for rising joblessness, as minimum pay for 21 to 22-year-olds has risen by 33 per cent over the past three years, bringing it into line with the 12.71 hourly national living wage paid to older workers.The rate for 18 to 20-year-olds has increased by 46 per cent to 10 an hour and is set to rise again to 10.85 in April.Patrick Miles, head of people and work policy at the BCC,","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4567":"ESG概念","BK4104":"贸易公司与经销商","BCC":"Boise Cascade L.L.C."},"translate_title":"工党的就业立法和国民保险被归咎于失业率上升","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BCC":1},"content_text":"Employment among 16 yo 64 year-olds slipped to 75 per cent National insurance hikes and the employment rights act mean businesses are being forced to cut back on hiring, business leaders and analysts have said. The labour market continued to loosen at the end of last year, according to new Office for National Statistics (ONS) data, with unemployment climbing to 5.2 per cent between October and December – the highest level since early 2021.The employment rights act, which passed into law in December and is being rolled out in phases, could further deter firms from hiring, analysts said. Rising wages have been blamed by some for rising joblessness, as minimum pay for 21 to 22-year-olds has risen by 33 per cent over the past three years, bringing it into line with the £12.71 hourly national living wage paid to older workers. \n\nThe rate for 18 to 20-year-olds has increased by 46 per cent to £10 an hour and is set to rise again to £10.85 in April.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLabour costs driving hiring cut-backHelen Dickinson, Chief Executive at the BRC, told City AM the Labour government “must think carefully about the implementation of the Employment Rights Act”.“Now is clearly not the time to introduce measures that would reduce the availability of flexible and part-time jobs – those which are essential to giving people a first step in their career, and supporting others to return to work,” she said.The price of labour is named the biggest cost pressure by 72 per cent of businesses, according to research by the British Chambers of Commerce (BCC).\n\nPatrick Miles, head of people and work policy at the BCC, said inflated wages, along with higher national insurance and business rates contributions, make it “unsurprising [businesses] are holding off hiring”.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}