UK – The Pandemic has started a worldwide trend of businesses liquidating their assets or simply pausing and crashing in the market due to the full stop of the world’s economy turning in its peak rate. In the wake of the economic turmoil came the mass lay off where many employees were forced out of their stable jobs and back into unemployment.
Two of the busiest sectors were victim to the market downfall and had to let go an astonishing 12,000 employees from high street retailers and the aviation industry alone. Plan manufacturers and retail stores suffered the hard blowback from the COVID-19 pandemic when it stunted all forms of airline travel which oddly enough were actually connected.
The retail giant, Harrods, stated that with the airline business grounded, it had killed about 75% of its main customer base as most who shopped at the mega retail shop were foreigners. Many businesses had been paused with some folding when the lockdown on March 23 had occurred that put the final nail on the coffin on so many struggling businesses even pre-COVID-19.
The newly implemented furlough scheme was put into effect to help curb this trend as many lose their jobs and livelihood in the United Kingdom with the mass termination and downsizing strategies the companies had decided to undertake in an effort to lower their expenses and payments to benefits for employees under their care.
The new step in protecting employees was pushed with the help of the government where it is responsible for paying 80% of the wages that a person doesn’t work while employed as furloughed employees and brought in part time. Companies will be deciding their changed shifts and work hours and pay for the part-time basis while the government helps to add to it with it’s booster, however many feel it also spelled the end for many employees who were not called back to work on a part-time set up.
“I’m three months away from having a baby, and I was about to sign for a mortgage this week on a new property, so it’s impacted me massively, really. Everything’s been put on hold.” said James Philips, a mechanical engineer to the BBC news about his being called for redundancy consultation”
“There are too many people chasing too few jobs”, said the ex-legal secretary Susan Hudson of the burgeoning situation that now ravages the U.K’s economic stability.
