Older Workers At Risk Of Redundancy

According to research by the Chartered Institute of Personnel and Development (CIPD). employers are predicting a sharp rise in redundancies brought on by the current financial crisis with older workers likely to bear the brunt of jobs losses.

The survey also found that many employers have been hanging on, hoping the economy would pick up so they could avoid making job cuts. CIPD chief economist John Philpott said interest rates should be cut further to boost business confidence, saying that"The onset of recession is already putting jobs at risk but many more are in the firing line as employers consider their next move in a fast deteriorating situation."

Around 25% of the 721 organisations surveyed said they had prepared fresh plans for redundancies, with most planning to cut any jobs by the end of January.

One in five employers said they would take advantage of the rules which allow them to make workers aged over 65 redundant, without having to provide a business reason.