In February, employment in the UK fell by 0.4%, primarily attributed to a hike in job taxes. Employment Hero's report highlights a consistent decline since October, coinciding with increases in National Insurance contributions, costing employers an average of £900 annually per employee. The impact was most severe on young workers aged 18-24, who saw a 1.8% decrease in employment. The elimination of minimum wage for younger employees further exacerbates job losses. Although Wales faced the steepest decline at 3.3%, both Scotland and the South of England showed positive employment growth.
The 0.4% contraction in employment growth is particularly concerning given its disproportionate impact on younger workers. Many SMEs will absorb the extra workload themselves.
Employment growth has decreased by 0.3% every month since October, reflecting the burden of the hiked employer National Insurance contributions announced by the Government.
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