Feeling the pinch or stuck in a jam?
The Autumn Statement came last month with a new set of acronyms and buzzwords with ‘JAMS’ being the significant term in this statement. The ‘just about managing’ families or ‘JAMS’ are a group of around 6 million low-income families, with an approximate net income of £12,000 -£34,000 a year. So how do I know if I am a ‘JAM?’ If you just about manage to cover your bills and expenses but find it difficult to afford luxuries such as home renovations or holidays and struggle to manage when unexpected expenses arise, then you could fall into this category. This group are often employed in an insecure job market and fluctuate with being employed and unemployed. So, what does the Autumn Statement mean for this group?
One improvement issued by Chancellor Phillip Hammond on the 23rd November has been that the new National Minimum Wage will rise by 4.1%, meaning that the current £7.20 an hour will increase to £7.50 an hour from April next year. This 30p an hour rise equates to nearly £600 a year for those working full time with a 38-hour week.
Alongside this increase, Mr Hammond has also proposed a rise in the personal tax income allowance, swelling the existing £11,000 a year to £12,500 over the next four years. Although these two changes may help the lower income families they do nothing to soften the blow of the planned cuts of Universal Credit for working families. Although Mr Hammond will reduce the rate in which these are withdrawn.
So how does this affect me and my hunt for a job?
Finding a job in the recession has often meant accomplished candidates have taken jobs for less responsibility, money and lower status. Resulting in many highly-qualified candidates valuing job security over job satisfaction. The recruitment market is rapidly changing and focus is now shifting from filling vacancies to finding the right skilled candidate to fill the role.
As we enter a more candidate driven market, job motivations change. More jobs are becoming available and the prospect of finding new work increases. Employers look to find more qualified and skilled candidates to meet their needs, thus giving them the ability to retain their staff longer. Our team at Recruit Mint are here to help guide and assist you into discovering the right role to fulfil your needs and cater to your skills. We endeavour to find the right opportunities for our candidates and the right candidates for our clients, so get in touch with us today!
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