Young people hardest hit by uncertain employment market

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Research by think tank the Resolution Foundation has revealed that young people have been particularly hard hit by the uncertain employment market.
Setting the record straight explores how record employment levels have changed Britain since the financial crisis.
The report found that the number in work has risen 2.8 per cent since the onset of the recession in 2008, sitting at 32.5 million as of October last year.
While employment levels are now healthier than they were pre-financial crisis, its impact is evident in insecure work figures. The numbers of agency workers, part time and zero-hour contracts are higher than they were before the economy tanked. One in seven workers are self-employed while 780,000 people do not work with fixed hours and 950,000 get work through agencies.
Young people have been hit particularly hard by precarious employment, with agency and zero-hour contract work rising 50 per cent faster for 18 to 29 year-olds than other groups.
Additionally, wages were confirmed as having stagnated over a “lost decade” – the average remained at £25 lower than the wage high prior to the financial crisis.
The think tank pointed to the “extremely poor performance of pay and productivity” in recent years as being definitive of the last decade’s employment record and at the root of unreliable employment.

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