Saturday, October 23, 2021

UK job vacancies driven by low-paying roles, says IFS

According to research, recent figures showing high job vacancies in the UK are being driven entirely by low-paid occupations.

The Institute for Fiscal Studies (IFS) think tank said nearly a quarter of the workforce is looking at job vacancies in occupations relevant to them, at least 10 percent below pre-pandemic levels.

The IFS said this means that 80 lakh employees may fail to benefit from the higher vacancy levels.

The outlook for job seekers is still tough when considering the fact that more people are looking for new work and hence competing for these vacancies.

Nearly two-thirds of unemployed jobseekers are from occupations where competition for jobs is at least 10 percent higher than before the pandemic.

Xiaowei Xu, a senior research economist at IFS and author of the report, said: “While the major stories about increasing vacancies and labor shortages in some sectors are anecdotal, we should not be misled into thinking that the labor force has returned.

“The increase in total vacancies in recent months has been driven by a small set of relatively moderately paid occupations.

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“For people in many lines of work, new job opportunities are well below their pre-pandemic levels.

“And it is not just the number of job openings that matters, but how many people are competing for them.

“After all the disruptions of the past year, more people are looking for work than ever before. Therefore most job seekers will find the job competition unusually stiff. “

Last week the Office for National Statistics (ONS) revealed that the number of UK workers has reached pre-pandemic levels after the biggest jump in employment since 2014.

The number of UK workers on the payroll rose by 241,000 between July and August, up 1,000 from pre-coronavirus levels.

ONS officials also said the unemployment rate fell again to 4.6 percent, in line with analysts’ predictions.

It also reported that the number of vacancies rose from 249,000 to more than 1 million for the first time since records began amid labor shortages in some of Britain’s key industries.

by Simon Neville

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This News Originally From – The Epoch Times

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