Europe

UK workers feel less financially viable

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A new study has revealed that British workers are facing bleak economic prospects now than workers who lived under Margaret Thatcher’s Britain.

The study’s findings have been published in a report, which shows there are twice as many elderly workers as compared to the 1980s, coupled with over 10 percent workers who are ill or disabled now, according to British media outlets.

This comes as employee benefits, which were introduced to provide financial protection, have failed to adapt. Therefore, many workers are financially exposed and less secure now than 30 years ago.

Researchers believe the government needs to overhaul the employee benefits system to restore protection to the UK’s workers, with standards today failing to protect those who are more “at risk.”

The report identified three groups within Britain’s precarious workforce as being more “at risk” due to the likelihood of periods of unemployment.

This included people with disabilities or long-term illnesses, older workers and female employees who are more likely to have caring responsibilities for both children and older relatives.

These “at risk” categories are more disproportionately impacted by the employee benefits gap, the report argued.

By 2020, a third of the UK’s workforce will be over 50, yet the report found that many workers are increasingly under-prepared for old age and ill-prepared to support themselves in retirement.

The report, from Cass Business School, shows that workers in financial difficulty are less productive, and says it’s in an employer’s best interests to better protect their staff.

Professor Nick Bacon at Cass Business School, part of City University London, said workers are suffering under the sub-standard support from employers.

“Financial insecurity has been compounded by an increased cost of living and higher levels of unemployment, meaning that employees are more likely to fall into financial difficulty than they were 30 years ago,” he said.

“During the same period, employee benefits have declined, leaving a gaping hole in the financial protection of today’s employees.

“Employers that provide benefits designed to support the financial security of their staff, such as access to vocational rehabilitation, typically see a more productive workforce.”

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