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
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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.Quote:
Originally Posted by WJ99mobile
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 placesQuote:
Originally Posted by WJ99mobile
We are still living in the good times, so make the most of it while you can.
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.
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.
Staff costs have increased, through increased minimum wage, and employers' national insurance contributions it was always going to happen.Quote:
Originally Posted by WJ99mobile
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?!Quote:
Originally Posted by North Cardiff Blue
Apparently 45 hours yes.Quote:
Originally Posted by JamesWales
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.
No it’s not right.Quote:
Originally Posted by JamesWales
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 aboveQuote:
Originally Posted by superfeathers
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.Quote:
Originally Posted by superfeathers
Great analysis :thumbup:Quote:
Originally Posted by North Cardiff Blue
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:Quote:
Originally Posted by Wales-Bales
Salaries haven't increased though, they've almost completely plateaued. Grads are still getting 25kQuote:
Originally Posted by superfeathers
I had a milk round and a paper round when I was at school, and I never knew what to do with all the money when Christmas came around.Quote:
Originally Posted by North Cardiff Blue
I have heard they are making redundancies in my works im 61 so will probably be on the list
The Dead Wood Stage?Quote:
Originally Posted by Bozza64
Alright DorisQuote:
Originally Posted by Taunton Blue Genie
Peanuts to what they get in return. Tesco employ plenty of minimum wage staff and I’m pretty sure they will be putting up their prices so their huge profits don’t take a hit.Quote:
Originally Posted by North Cardiff Blue
You missed out what the government pays out in universal credit to people on minimum wage jobs. Most people on that are working, many full time. If you look at universal credit (tax credits before etc), they're basically a government subsidy to companies so they don't have to pay them a living wage.Quote:
Originally Posted by North Cardiff Blue
True, so inflation rises again, base rates stay higher for longer, and more people coming out of long low-priced fixed-rate deals feel the pinch, spend less, so less growth and it continues. Also, Government debt repayment costs increase, so the government needs more cuts in the next budget, after the cuts in the spring statement.Quote:
Originally Posted by J R Hartley
Don’t think it’s got anything to do with AI and more to do with companies not wanting their profits taking a hit.
Making 10 of 150 staff redundant with us because our boss doesn’t want his profits taking a hit. Putting the prices up too so no doubt we will see a spike in inflation again as companies are not going to take this hit themselves.
The extra the government will get in NI contribution plus taxation from the minimum wage increase they will no doubt lose and more in the large number of people losing their jobs and needing benefits. Idiotic move from the government.
The Tories or Starners Labour. What a time to be alive.
The annoying part is that's the intended outcome.Quote:
Originally Posted by North Cardiff Blue