Level of optimism dips in the UK’s job market
The level of optimist across the UK’s job market has reached its lowest level since the final quarter of 2012, a fresh report from one of the UK’s leading consulting firms has been able to reveal.
The Manpower Employment Outlook Survey of 2,101 UK employers found that the national seasonally adjusted net employment outlook has dropped two percentage points to +4% as a direct result of the introduction of the national living wage.
The national living wage, introduced in the summer budget, will see six million people over the age of 25 receive a 6% pay rise each year until 2020. But the Office for Budget Responsibility estimates that the extra cost to businesses could result in up to 60,000 job losses.
James Hick, managing director of ManpowerGroup Solutions UK&I, said he anticipated some employers looking to mitigate the extra costs by taking on more young or self-employed workers, who are not entitled to the national living wage.
“While on the surface this could be good news for youth unemployment, which currently stands at 16%, it could push a greater proportion of young people into low skilled jobs, resulting in an influx of less experienced workers into social care and other sectors hardest hit by the new legislation.”
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