Legal & Generalâ€™s Job Security Index shows less than half of UK workers are expecting a pay rise
16 April 2012
- Less than half, (45%) of UK workers expect to receive a pay increase within the next 12 months
- Just 38% of female workers are confident of a pay boost versus 52% of men
- Overall confidence in job security remains at 76%
The latest figures from the Legal & General Job Security Index reveal that less than half of UK workers, (45%) expect a pay rise within the next year from their current job.
47% of workers said they actively don’t think they will receive a pay rise, and 8% said they don’t know.
Men are more confident than their female colleagues that they will receive a pay increase, with more than half, (52%) thinking they will, compared to just 38% of female workers.
Younger workers aged 18-24 years old are more likely to think they will receive a pay rise than any other age group, with 55% saying they are likely to within the next 12 months, compared to just 38% of workers aged 55 and over.
Overall, the April round of Job Security Index data shows that confidence in job security has remained steady, at 76%. This means that confidence in job security is now consistently sitting at its highest level since October 2012.
25-34 year olds are the age group with the most confidence in their job security, at 79%. Those aged 35-44 are the least confident, with just 74% currently feeling secure in their jobs. Male workers continue to be more confident than women, at 78% and 74% respectively.
Mark Holweger, Managing Director, (Intermediated) Legal & General Assurance Society Ltd said: “It’s interesting to see that despite the Job Security Index registering some positive signs in line with the economic recovery, the majority of UK workers are still doubtful about their chances of receiving a pay rise. This suggests that while confidence in job security may be relatively high as we see the green shoots of economic growth, this hasn’t yet translated into confidence in better financial rewards.”
Despite clear evidence of ongoing concern about both job security and pay rises, the majority, (68%) of working adults do not have any insurance in place which would help them to pay their bills if they were to lose their job tomorrow.
Mark continued: “More people are feeling confident about job security in 2014, but the fact remains that one in four people are still not secure in their current position. Despite this, Legal & General’s Job Security Index results confirm that the majority of UK workers are failing to take out insurance cover to help pay their bills should they lose their job, making it apparent that many people are living without a contingency plan. With pay rises still seeming far away for most workers, it’s clear that savings may be low down on the list as workers prioritise day to day living costs. We’re encouraging people to think about the measures they have in place to protect themselves should they lose their job, so that their quality of life isn’t compromised should they find themselves unemployed.”
At present, 15% of workers say they are worrying about how they will maintain their current standard of living over the next three months, a 2% decrease since last quarter. Public sector workers continue to be more worried (15%) about how they will maintain their current standard of living over the next three months than private sector workers (14%).
Notes to editors
Sources: The Legal & General Job Security Index is based on research conducted for Legal & General by YouGov of 3,084 UK representative employed adults, either employed full or part-time or self-employed, over the period 1st April – 4th April 2014. Additional interviews were conducted in order to boost the number of respondents in Wales (to 228), Scotland (to 329), London (to 504), Leeds (to 177), Manchester (to 208) and Birmingham (182). Previous research was conducted on behalf of Legal & General by YouGov as part of the Job Security Index of 2587 employed UK adults in January 2012, 2491 employed UK adults between, 2730 March 2012, 3,033 employed adults in July 2012, 2504 employed adults September-October 2012, 2686 employed adults in January 2013, 2436 employed adults in April 2013, 2581 employed adults in July 2013, 2610 employed adults in October 2013 and 2,610 employed adults in January 2014. All surveys were carried out online. More details are available on request.
Legal & General’s Lifestyle Cover Insurance, 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, whichever is less.
Minimum/Maximum age at the policy start date: 18 and under 64.
Employment status: employed, self employed and contract workers who work at least 16 hours a week..
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 cover and other products designed to protect customers against loss of income. For