Legal & General's Job Security Index shows public sector workers are the least confident.
13 May 2013
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."
Notes to editors
Source: The Legal & General Job Security Index is based on research conducted for Legal & General by YouGov of 2436 UK representative employed adults, either employed full or part-time or self-employed, over the period 28th March - 4th April 2013. All surveys were carried out online. More details are available on request.
Legal & General offers short-term income protection called Lifestyle Cover, which provides a monthly benefit for up to 12 months, which can help customers to maintain their key regular household expenditure should they be unable to work due to accident, sickness or involuntary unemployment. Customers wanting further information may go to www.legalandgeneral.com/lifestyle call 0800 197 2351 or contact their normal financial adviser.
Legal & General's Lifestyle Cover has a 5 star Defaqto rating, which means that it is one of the top quality products available in the market and some of the key product details are as follows:
Cover options: Accident, Sickness & Unemployment/Accident & Sickness only/Unemployment only.
Deferred period options: 30, 60, 90 or 180 days.
Maximum monthly benefit: £3,000 when bought directly from Legal & General or 65% of gross monthly income, which ever is less.
Minimum/Maximum age at the policy start date: 18 and under 64.
Employment status: employed, self employed and contract workers.
Annually renewable contract
Continuous cover on transfer from another PPI provider with no new qualifying period for unemployment (subject to meeting certain criteria).
Our Lifestyle Cover insurance typically costs £2.73 a month for every £100 of monthly benefit.
This is based on a 38-year-old customer choosing £1000 of accident, sickness and unemployment monthly benefit with claims paid after a 30-day deferred period.
The cost of this insurance depends on a number of factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.
There are other providers of short term income protection and other products designed to protect customers against loss of income. For impartial advice about this type of insurance, please visit the website www.moneyadviceservice.org.uk
The information contained in this release is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at www.legalandgeneral.com/lifestyle or by calling 0800 197 2351. We may record and monitor calls. Lines are open 9am - 8pm Monday to Thursday; 9am - 6pm Friday and 9am - 1pm Saturday and call charges may vary. Alternatively, consumers should speak to their insurance adviser to check they do have adequate cover in place.
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