A recent survey shows that more than 300,000 small and medium-sized enterprises (SMEs) in the UK are planning to cut jobs in reaction to the Government's impending rise in employer National Insurance contributions, which takes effect in April. The analysis, conducted by iwoca, indicates that a significant 22% of SME leaders intend to reduce their workforce to manage the financial impact. Moreover, many SMEs will also slow hiring, limit pay rises, and delay promotions. Despite the Government's moves to increase the employment allowance, many businesses feel the relief won’t be adequate to offset the additional expenses, prompting fears of increased prices for consumers.
Over 300,000 SME owners are planning to cut jobs due to the rising National Insurance contributions, significantly impacting employment in the UK.
The survey highlights that many SMEs will also slow hiring, reduce pay rises, and delay promotions as they adapt to the increased costs.
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