Redundancies

[WJ99mobile]

Is it me getting older or is there a spate of redundancies lately?

We’ve had some in my works that are due to be lost and replaced with AI which I would assume will become more common in future

[Taunton Blue Genie]

Re: Redundancies

Is it me getting older or is there a spate of redundancies lately?

We’ve had some in my works that are due to be lost and replaced with AI which I would assume will become more common in future

It's so very important for young people to try and enter professions that won't be the first to be replaced with AI.

[JamesWales]

Re: Redundancies

Is it me getting older or is there a spate of redundancies lately?

We’ve had some in my works that are due to be lost and replaced with AI which I would assume will become more common in future

Several businesses seem to have said the tax changes in April will make things pretty difficult. As yet though, unemployment is only very slowly ticking up and lower than most places

[Wales-Bales]

Re: Redundancies

We are still living in the good times, so make the most of it while you can.

[insider]

Re: Redundancies

I've been made redundant 4 times in my working life.
Sometimes it's been for the good.
1 time I took voluntary redundancy and got out of a place I'd been for 17 years but I'd come to hate it there.
Other times it has been much harder.

[bobh]

Re: Redundancies

At school, I wanted to go into accountancy. At our careers evening, the accountants kept saying "don't need maths, it's all computers these days". so I decided to go into computing, because that was a "job for life" -right? (that was in 1969 ).
I got a job with ICL (now owned/rebranded as Fujitsu) and I received a job offer on the phone half-way through reading my redundancy letter. :hehe:
After moving around a bit, ended up in BT. After 22 years, a couple of conversations with my boss could be condensed to-
We're closing this building; your job is being outsourced to India; Are you interested in voluntary redundancy?
I hated my job by then so took the money and ran.

[North Cardiff Blue]

Re: Redundancies

Is it me getting older or is there a spate of redundancies lately?

We’ve had some in my works that are due to be lost and replaced with AI which I would assume will become more common in future

Staff costs have increased, through increased minimum wage, and employers' national insurance contributions it was always going to happen.

It costs a business £29,824.90 to employ someone on the minimum wage if you include National Insurance and employers pension contributions.

[JamesWales]

Re: Redundancies

Staff costs have increased, through increased minimum wage, and employers' national insurance contributions it was always going to happen.

It costs a business £29,824.90 to employ someone on the minimum wage if you include National Insurance and employers pension contributions.

That can't be true, surely?!

[North Cardiff Blue]

Re: Redundancies

That can't be true, surely?!

Apparently 45 hours yes.

Cost of Employing Someone in the UK (45 hours per week, National Minimum Wage, April 2024 - March 2025)
1️⃣ National Minimum Wage
Hourly Rate: £11.44

Weekly Wage: 45 hours × £11.44 = £514.80

Annual Wage (52 weeks): £514.80 × 52 = £26,769.60

2️⃣ Employer’s National Insurance Contributions (NICs)
NICs are 13.8% on earnings above £9,100 per year

Taxable salary for NICs: £26,769.60 - £9,100 = £17,669.60

Employer NICs: £17,669.60 × 13.8% = £2,439.41

3️⃣ Employer’s Pension Contributions (Auto-Enrolment)
Employers must contribute at least 3% on earnings above £6,240

Taxable salary for pension: £26,769.60 - £6,240 = £20,529.60

Pension contribution: £20,529.60 × 3% = £615.89

4️⃣ Total Employer Cost Per Year
Salary: £26,769.60

Employer NI: £2,439.41

Pension Contributions: £615.89

Total Cost: £29,824.90

5️⃣ Total Employer Cost Per Week
£29,824.90 ÷ 52 = £573.56

Final Summary:
Annual Cost: ~£29,825

Weekly Cost: ~£573.56

This estimate excludes additional costs like sick pay, training, insurance, or other benefits.

[superfeathers]

Re: Redundancies

That can't be true, surely?!

No it’s not right.
Makes me feel old when I look at where salaries have got to though. I remember starting out as a grad and getting to £25k was decent!

[North Cardiff Blue]

Re: Redundancies

No it’s not right.
Makes me feel old when I look at where salaries have got to though. I remember starting out as a grad and getting to £25k was decent!

Yes it's right over 21 years old 45 hour per week - see above

[superfeathers]

Re: Redundancies

Yes I see how you’ve worked it out but the average working week isn’t 45 hours so that really throws the rest of it out. I think it’s misleading to factor in temps too. Realistically you’re looking around £27k. Which is higher than I’d have thought

[North Cardiff Blue]

Re: Redundancies

Yes I see how you’ve worked it out but the average working week isn’t 45 hours so that really throws the rest of it out. I think it’s misleading to factor in temps too. Realistically you’re looking around £27k. Which is higher than I’d have thought

Fair enough some people work fewer hours but add in training, sick pay, insurance, and other benefits it's a lot. Businesses will make redundancies and increase the work for the remaining staff to cut costs to the minimum. We are in for a tough few years for sure, there is no growth in the economy and that was the basis for the tax rises, and borrowing costs are higher than budgeted for.

[Wales-Bales]

Re: Redundancies

Apparently 45 hours yes.

Cost of Employing Someone in the UK (45 hours per week, National Minimum Wage, April 2024 - March 2025)
1️⃣ National Minimum Wage
Hourly Rate: £11.44

Weekly Wage: 45 hours × £11.44 = £514.80

Annual Wage (52 weeks): £514.80 × 52 = £26,769.60

2️⃣ Employer’s National Insurance Contributions (NICs)
NICs are 13.8% on earnings above £9,100 per year

Taxable salary for NICs: £26,769.60 - £9,100 = £17,669.60

Employer NICs: £17,669.60 × 13.8% = £2,439.41

3️⃣ Employer’s Pension Contributions (Auto-Enrolment)
Employers must contribute at least 3% on earnings above £6,240

Taxable salary for pension: £26,769.60 - £6,240 = £20,529.60

Pension contribution: £20,529.60 × 3% = £615.89

4️⃣ Total Employer Cost Per Year
Salary: £26,769.60

Employer NI: £2,439.41

Pension Contributions: £615.89

Total Cost: £29,824.90

5️⃣ Total Employer Cost Per Week
£29,824.90 ÷ 52 = £573.56

Final Summary:
Annual Cost: ~£29,825

Weekly Cost: ~£573.56

This estimate excludes additional costs like sick pay, training, insurance, or other benefits.

Great analysis :thumbup:

I'd give you a job if you ever get fired from your paper round.

[North Cardiff Blue]

Re: Redundancies

Great analysis :thumbup:

I'd give you a job if you ever get fired from your paper round.

Best job ever, just whack the papers through the letterbox, great tips at Christmas and you see some sights in the morning round :thumbup: