August saw lowest proposed redundancies in seven years

The Insolvency Service published figures recently that revealed British employers planned 12,687 job cuts during August of this year, the lowest it has been for seven years.

This figure is a decrease of 11 per cent since July, even though the furlough scheme is due to end on 30 September 2021 and, after this date, employers need to decide whether to pay all their workers’ wages or let them go.

August 2021 was the first month companies had to pay 20 per cent of their staff’s wages if they were on furlough, along with their pension and National Insurance Contributions (NICs).

During the worse months of the pandemic, where unemployment was highest, companies proposed 150,000 job cuts a month, revealed the Insolvency Service.

If employers plan to make 20 employees or more redundant, they have to notify the Insolvency Service when they start the process.

Recent data revealed that 1.9 million workers were still on the furlough scheme at the end of June 2021, and many experts expected these workers to be made redundant.

However, as mentioned, August saw the lowest amount of redundancy proposals so far this year.

Due to this data, the once forecast unemployment rate in autumn may be smaller than expected – says the Director of the Institute for Employment Studies, Tony Wilson.

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