Uncertain economic climate fuels job fears

Redundancy
fears are on the increase according to research published today.

The
study by Penna Sanders & Sidney, based on interviews with 2,000 employees,
reveals that people are more worried about job security than they were in April
last year.

The
Penna Fear of Redundancy Index shows that young adults under the age of 25 are
most concerned about their jobs.

Bill
McCarthy, managing director, career consulting at Penna Sanders & Sidney,
said: “They are the most vulnerable age group and can suffer from the last in,
first out rule of redundancy.

"It
is also likely that while aware of redundancy, they will not have any direct
experience of it themselves – so there’s the fear of the unknown.”

The
report also finds that older workers are less concerned than at any time
before.

“Older
adults are most likely to be debt-free, having paid off their mortgages, and
many will have final salary pensions or be relying on early retirement,” said
McCarthy.

“However,
the majority of employers are no longer offering these packages, pension pots
have been severely hit and the likelihood of pensions being able to support
this age group for the next 20 years is unlikely.”

Regionally,
Londoners are the most concerned about redundancy. People working in the North
of England are also anxious. Concern among people in Scotland is slightly
higher than average, while the South East and the South West are consistently
less concerned.

By Ben Willmott

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