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Redundancy fears greater in public sector

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.

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.”

However, Mark Holweger points out that it is not just public sector workers that may well be under pressure over the next three months. 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 figure rises to over a quarter (26%) for part-time workers surveyed, indicating that they may be feeling the pressure more than full-time workers.

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