Pensions - Articles - Latest and last pre coronavirus ONS Labour Market Statistics

 “The ONS Labour Market Statistics for December 2019 to February 2020 will go down in history as the baseline against which to measure the impact of the coronavirus on the labour market. The figures show a record high employment rate, driven largely by increases in female employment, the over 50s and the numbers of self-employed.

 “The ONS has already indicated its data will be enhanced in future periods to reflect the numbers of furloughed workers as well as the trends towards working from home. Data on the short and longer term impacts on the job market will be hugely important as a means of identifying which segments of the population have been most affected, be it by age, gender or employment status.

 “While the immediate focus will be on jobs and earnings, labour market figures are also an advance measure of the population’s savings for retirement. It’s very welcome that in the short term, the Government’s job retention scheme covers employer automatic enrolment minimum pension contributions. But in the longer term, higher unemployment levels or a further increase in self-employment, which is not covered by auto-enrolment, will have longer term implications for the nation’s preparedness for retirement that will need addressed.”

 * https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/april2020