Search Results for: employed

Over 50s will come to dominate self-employed workforce by 2024, report claims

Over 50s will come to dominate self-employed workforce by 2024, report claims

The number of over-50s in work is rapidly increasing, so much so that this demographic is set to make up the majority of the UK’s self-employed workforce within the next seven years. The updated research from Hitachi Capital UK and CEBR (Centre for Economics and Business Research) found a rebalancing of the economy away from younger generations, as the 24 million over-50s in the UK become an increasingly important demographic of entrepreneurs and business owners. The data also suggests that an increasing number of 50-64 year olds choose not to retire and instead stay active in the labour market, with the rate of employment rising significantly between 2012 and 2016 from around 65 percent to 71 percent. CEBR projections show that the number of employed 50-64 year-olds will surpass 9 million before the end of 2018, and by 2021 there will be 10 million 50-64 year olds in work.

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Millions of unemployed over 50s struggle more than young people for jobs

Millions of unemployed over 50s struggle more than young people for jobs

New data published today shows that the over 50 age group experience an ‘unemployment trap’ – meaning they are more likely to be out of work than younger age groups, and once unemployed they struggle more than younger jobseekers to get back into employment. Currently almost a third of 50-64 year olds in the UK are not in work – some 3.3 million people. Within this, 29 percent are recorded as ‘economically inactive’ – not engaged in the labour market in any way – which is more than twice the rate of those aged 35-49 (13 percent). It is estimated that around one million of the over 50s who are out of work left employment involuntarily due to issues such as ill health, caring responsibilities or redundancy. Some 38 percent of unemployed over 50s have been out of work for over a year, compared to 19 percent of 18-24 year olds and the Centre for Ageing Better claims that employment support is failing this age group.

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New research identifies nine distinct segments of the self employed workforce

New research identifies nine distinct segments of the self employed workforce

Far from being a homogeneous group, nine distinct segments of the solo self-employed workforce have been identified in new research published by the Centre for Research on Self-Employment, in partnership with IES. This segmentation furthers understanding of the solo self-employed population, including the levels of independence and security, and variation in earnings across this broad section of the UK workforce. The solo self-employed are those who do not employ other people and therefore work on their own account, and makes up 84 per cent of the self-employed workforce.

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Minimum wage should be extended to the self employed and gig economy

Minimum wage should be extended to the self employed and gig economy 0

The government should extend minimum wage legislation to protect some of the UK’s 4.8 million self employed workforce as part of its drive to tackle low pay and insecurity in the modern workforce, according to a new report published by the Resolution Foundation. The Minimum Required? – which forms part of the Resolution Foundation’s submission to the Taylor Review on modern employment practices – sets out a number of proposals to tackle endemic levels of low pay among the self-employed. Its new analysis claims that that while around in one in five employees are low-paid (earning less than two-thirds of typical weekly earnings), last year around half of the full-time self-employed workforce (49 percent) fell below this threshold, earning less than £310 a week.

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Self-employed would value receiving sick pay above other benefits

Self-employed would value receiving sick pay above other benefits 0

UK micro-business owners and freelancers would be more interested in receiving sick pay than any other statutory benefit, according to new research carried out in collaboration between cloud accounting software firm FreeAgent and The Freelancer & Contractor Services Association (FCSA). A poll of nearly 900 UK micro-business owners conducted by FreeAgent and FCSA claims that sick pay provision is the benefit that self-employed workers would most welcome, coming way ahead of other benefits such as maternity pay, job seekers allowance and pension auto-enrolment. The survey claims that 76 percent of respondents currently do not have any method of providing sick pay, maternity/paternity leave, holiday or redundancy pay in their business. Projected across the country’s 5.2 million-strong micro-business sector, this potentially equates to millions of people working without the same kind of basic entitlements that employed workers have. Notably, people’s appetites for additional benefits varied depending on the structure of their business with sole traders more likely to value benefits (rating sickness provision 8.7 out of 10) compared to those working through their own limited companies who gave a score of 6.4 out of 10 for sickness provision.

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The self employed have to rely on each other as government offers almost no support

The self employed have to rely on each other as government offers almost no support 0

The self employed are turning to one another for business and financial support, according to new analysis by the RSA think-tank. Commissioned by the Federation of Small Business (FSB) to examine how self-employed workers might manage the risks they face, the RSA report claims that growing numbers of workers are turning to collective sick-pay funds to manage ill health, cash pooling schemes to deal with late payments and micro-loan services to plug gaps in bank finance.  The RSA’s report, The Self Organising Self Employed concludes that, to date, both the state and the market have struggled to keep pace with the rising numbers of the self employed. Although successive governments have been vocal in their admiration of people who strike it out alone, holding up their attributes as ‘self-starters’ and ‘strivers’, this had led to a ‘non-interventionist, hands-off policy agenda, with the self employed broadly left to their own devices’.

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Pressure group calls on incoming UK government to create a new contract with the self employed

Pressure group calls on incoming UK government to create a new contract with the self employed 0

IPSE, the association set up to represent the needs of the UK’s self employed and freelance workforce, has released a manifesto ahead of the general election. In A Contract with the Self-Employed, IPSE details all the policies it wants to see the incoming government implement for the 4.8 million people currently defined as self employed or freelance. In conjunction with the ongoing Taylor Review into modern employment practices, the manifesto calls for a statutory definition of self-employment to end widespread confusion and ensure self employment remains an attractive and attainable career choice. The manifesto calls for a strategic review of the tax system – which, in its current state, is based upon the traditional employer/employee model. As self-employment continues to boom, the government needs to supplement this 21st century way of working with a fairer, more efficient, 21st century tax system.  Included in the review, it has asked the government to make careful considerations before rolling out IR35 measures in the private sector, create a bespoke tax system for freelancers, simplify Making Tax Digital and maintain the current rate of NICs.

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Flexible hours is main reason self-employed are happier than traditional workers

Flexible hours is main reason self-employed are happier than traditional workers 0

Self-employed happier than traditional workers due to flexible workingFlexible working hours and being their own boss makes the UK’s self-employed much happier than those in traditional employment a new survey claims. According to the latest set of findings from the ‘Definitive Study of the Self-Employed,’ commissioned by Intuit QuickBooks, the self-employed generated mean annual revenues of £32,623 (£5,000 more than the average UK salary), despite working 10 hours less per week. Of those who have been a salaried worker, two thirds (66 percent) claim to be financially better off or the same and 65 percent also feel better off in terms of ‘life satisfaction’. When the research considered nuanced reasons for choosing to work for oneself ;control of schedule (77 percent), more flexibility to work to one’s own terms (68 percent) and liking being one’s own boss (65 percent) were leading reasons, with not worrying about workplace politics (47 percent) also regularly referenced.

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Government needs to play catch up with needs of the self-employed

Government needs to play catch up with needs of the self-employed 0

self employmentPoliticians and legislators are failing to keep pace with the changing nature of work and as a result many of the UK’s growing army of freelancers feel like second class citizens. That is the key finding of a new report commissioned by the Government and authored by entrepreneur Julie Deane. She claims that the Government should do more to bring the self-employed into line with legislation affecting the wider working population, including access to higher rates of parental leave and pay. The report sets out ten key recommendations, notably that the parental allowance should be brought into line with the rules for employees, who are paid a higher portion of their salary for the first six weeks of statutory maternity pay before the percentage drops. It also suggests that the education system should do more to prepare young people for a changing world of work and that more should be done to offer a choice of workplaces for the self-employed..

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Government to scrap employment programme for disabled people

Government to scrap employment programme for disabled people

two people talking to illustrate the growing number of disabled people in self-employmentA £100 million program designed to help disabled people find work in England and Wales has been quietly cancelled, raising concerns as the government pursues plans to reduce disability benefits. The Work and Health Programme (WHP), launched in 2017, will cease operation this autumn. This news comes amidst Prime Minister Rishi Sunak’s proposed benefit cuts for 420,000 sick and disabled individuals, aiming to push them into employment. Charities warn these cuts could leave many in poverty. More →

A look back at The Stoddart Review: the once and future guide to workplace productivity?

A look back at The Stoddart Review: the once and future guide to workplace productivity?

A new edition of the Stoddart Review would offer a deep dive into the realities of working from home and what the measurement of ‘productivity’ means in the 2020sThe Stoddart Review, published in 2016, was one of the most significant reports of recent years to explore the role of the workplace for employee productivity in extensive detail and why the office environment was key for productivity purposes. There has been a huge shift in the world of work since then. What we once knew as the workplace has changed forever. More →

It’s vital employers understand the new EHRC guidelines on menopause 

It’s vital employers understand the new EHRC guidelines on menopause 

Having a sound understanding of both menopause and perimenopause in the workplace has therefore become vital for employersRecent guidelines issued by the Equality and Human Rights Commission (EHRC) aim to simplify employers’ legal obligations to support workers going through menopause. A growing topic of conversation in the workplace and beyond, menopause has become increasingly recognised in employment guidance. More →