HomeNewsLatest NewsYoung People Are Hard Hit By The Economic Slump

Young People Are Hard Hit By The Economic Slump

A number of people in the UK have been made redundant as a result of the pandemic with young people being the most affected.

A number of people in the UK have been made redundant as a result of the pandemic with young people being the most affected.

The highest number of employees in the country has been working in areas and sectors which are now shut down. Recently a report has revealed that most young people across the UK have either lost their jobs or seen their income drop.

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Research made by the Resolution Foundation has indicated that a third of young people between the ages of 18 to 24 are earning less than before the virus outbreak.

Most of these young people are recorded as employees in their firms however, the government covers eighty per cent of their wages.  About nine per cent of the youth have completely lost their jobs – the highest figure out of all age groups.

Reports have shown that the scale of job reductions during the outbreak would have been greater were it not for the government`s furlough scheme. The scheme has was recently extended to October and it covers eighty per cent of all workers` pay up to £2,500 per month.

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It was revealed that as a result of the pandemic the young employees risk their wages being affected for years, while the older staff may end up retiring involuntarily.

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