Unemployed may require debt consolidation
Unemployed may require debt consolidation
Monday 4th January 2010
Its forecast, which was published as part of the CIPD's annual report, predicted that unemployment will peak in 2010 at 2.8 million during the summer months.
People who owe money and find themselves unemployed may benefit from finding out about debt consolidation loans or debt management plans.
However, this prediction is more positive than many experts had predicted, reassessing the organisation's own earlier forecast that unemployment could reach a high of 3.2 million.
Currently the number of people out of work in the UK stands at 2.49 million.
Dr John Philpott, chief economic adviser to the CIPD, said: "I think the labour market is a lot more flexible than it was in the past.
"The big question for 2010 is how long that can be sustained. A slower than expected recovery or stronger earnings growth would threaten to raise peak unemployment to at least three million.
"The impact on jobs of planned cuts in public spending and tax increases, especially the one per cent hike in employers' National Insurance contributions from April 2011, is expected to be felt after the peak in unemployment."
Many people already in work are likely to see below-inflation pay rises in 2010, the BBC reports.
This could damage people's ability to afford basic living costs or back debts, and people who are affected could benefit by finding out about debt consolidation.
The Chartered Institute of Personnel and Development (CIPD) is an employment organisation representing managers and personnel staff, with over 133,000 members.
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