Over three quarters, (76%) of private sector workers’ say that they are confident in their job security compared with under three quarters, (73%) of those working in the public sector according to the latest findings of Legal & General’s Job Security Index. With job losses in the public sector expected to rise in the run up to the next general election, this finding is maybe not that surprising. However, the Job Security Index also shows that a higher number of public sector workers admit they are currently at risk of redundancy, (6%) compared to only 4% of private sector workers. Almost a quarter, (24%) of public sector workers are not currently actively trying to secure a pay rise or promotion in the next three months, compared to less than one in five, (19%) of private sector workers.
The ONS employment statistics are due out on Wednesday 15 May 2013, for the period January 2013 to March 2013 and the Legal & General Job Security Index has shown since its start in January last year that it is a good barometer of how those in work feel about their current and future job security. In that context, the future three months for public sector workers is also not looking very promising as more of them are worried about how they will maintain their current standard of living over the next three months, with 22% saying that they are worried compared to 19% of private sector workers.
Mark Holweger, Director of Legal & General’s general insurance business, said:”Legal & General’s Job Security Index provides a picture of workers’ views on their job situation and clearly shows that public sector workers currently appear to be under most pressure. They are less confident about their job security than private sector workers, as well as believing that they are at a higher risk of redundancy.
Unfortunately it is not just public sector workers that may well be under pressure over the next three months, as over two fifths, (21%) of all workers said that they are worrying about how they will maintain their current standard of living over the next three months. This rises to over a quarter, (26%) for part-time workers we surveyed, so higher than even the public sector workers. So it’s important that all workers have a contingency plan in place which could help with regular payments such as mortgage or rent and bills, if their regular source of income were to suddenly stop.”