Human resources

摘要

Using the definition of the International Labour Organisation, the British unemployment rate was 3.6 in the quarter ending September 30th 2022 (latest available), down from 4.3 in the same quarter a year earlier, according to the Office for National Statistics. This is a low rate by historical standards. Annual wage growth has been strong in nominal terms over the past year and stood at 6.0 in September 2022, almost unchanged from 6.1 in September 2021. However, wage growth has turned negative in real terms in recent months as a result of rising inflation. The government introduced various job support schemes in 2020 to help cushion the impact on employers and employees of the coronavirus (covid-19) pandemic, which dampened economic activity and led to the introduction of various social-distancing measures to curb the spread of the disease. A Coronavirus Job Retention Scheme, more commonly referred to as the furlough scheme, took effect from early 2020 and remained in place until September 30th 2021. It allowed employers to claim for 80 of an employee's wage, up to ￡2,500 per month. The cumulative cost of the scheme is estimated at around ￡7obn. A Kickstart Scheme funded new job placements for young people aged 16-24, paying 100 of the national minimum wage for 25 hours per week for six months. It was closed to new applications on December 17th 2021. Measures to assist the self-employed included grants available under the Self-Employment Income Support Scheme, for which applications closed at end-September 2021.