Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Covid job losses hitting young people hardest in UK, study finds

Covid job losses hitting young people hardest in UK, study finds

Workers aged under 25 more than twice as likely to have lost job in past two months

Young people in the UK are more than twice as likely to lose their jobs compared with older workers, according to a study that documents the growing divisions in the workplace since the Covid-19 pandemic hit in March.

In the past two months, the proportion of people to lose their job aged 16 to 25 was 11.1%, compared with 4.6% for those aged 26 and over, academics at the London School of Economics found.

The majority of young people – 58% – also experienced a fall in their earnings, compared with 42% across the rest of the working population.
With recent economic figures showing the UK’s growth slowing as the second wave of the virus forces more severe lockdowns, LSE said its report also found that women, self-employed people and those who grew up in a poor family were more likely to experience unemployment and wage cuts.



Last week Rishi Sunak said he was responding to the rising number of cases across the country and the closure of his furlough scheme with the fourth major economic update in as many months.

He upgraded the furlough scheme’s successor – the job support scheme – making it more generous for employers forced to close in local lockdowns. While business leaders and thinktanks welcomed the move, they warned the impact of the lockdowns could still trigger hundreds of thousands of job losses.

The Resolution Foundation said a report due out later this week examining the impact of Treasury support schemes found that the chancellor had failed to help many self-employed workers and especially those who were young and working in the gig economy.

The thinktank said a scheme to help self-employed people through the pandemic handed £1.3bn to workers who experienced no loss of income, while giving nothing to 500,000 people left without work, many of them young.

The LSE report’s authors warned the spectre of 1980s-style long-term unemployment was increasing, especially for those just starting to make their way in the jobs market.

In the report – Generation Covid: Emerging Work and Education Inequalities – they said the pandemic had heightened the need for a jobs guarantee directed at those under 26 that would give them a basic wage and on-the-job training.

“It is well – known that young workers entering the labour market in recessions suffer a range of consequences, impacting on earnings and jobs for 10 to 15 years, and affecting other outcomes including general health and the likelihood of entering a life of crime,” they said.

Fearing that the next generation of workers would struggle to gain the skills needed in a post-pandemic labour market, they said: “There is also a real concern that people who have lost their jobs are moving on to trajectories heading to long-term unemployment, the costs of which are substantial.”

Inequality in the workplace was also likely to worsen over the next decade, the report found, as university students from the lowest-income backgrounds lost 52% of their normal teaching hours as a result of lockdown, while those from the highest-income groups experienced a 40% loss.

As a result of this teaching disparity and other factors, university students are expected to change how they go about finding a job when they leave college.

The research found 63% of respondents said the pandemic had affected their wellbeing and 62% said it affected their long-term plans. Almost seven in 10 said they believed their grades had been affected.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
×