The CIPD Labour Market Outlook survey reveals a marked downturn in employment expectations over the next three months, with the job market set to take a significant turn for the worse. Median basic pay expectations for the next 12 months are for a 1% increase overall. 51% of private sector employers plan to freeze pay following their next pay review. Overall, 42% of employers are anticipating a pay freeze. The proportion of employers intending to make redundancies over the next few months has increased from 16% to 21%. Redundancies appear to have – at least in the short term – been avoided as a result of the introduction of the Coronavirus Job Retention Scheme with the latest CIPD data showing that its introduction has prevented around 4.2 million job losses.
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