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New Work Foundation Index reveals UK workers suffering most from insecure employment

New in-depth analysis of UK job market data reveals women, disabled people, ethnic minorities and young workers have been consistently trapped in insecure…

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New in-depth analysis of UK job market data reveals women, disabled people, ethnic minorities and young workers have been consistently trapped in insecure employment over the last twenty years.

Credit: Work Foundation

New in-depth analysis of UK job market data reveals women, disabled people, ethnic minorities and young workers have been consistently trapped in insecure employment over the last twenty years.

The Work Foundation, a leading think-tank dedicated to improving work in the UK, today launches its new ‘UK Insecure Work Index’ that details the prevalence of in-work insecurity felt by workers across the UK, and reveals how this insecurity has changed over the last two decades.

Using ONS labour market data from 2000 to 2021, the Work Foundation index focuses on three elements that can constitute insecurity at work – employment contracts, personal finances and access to workers’ rights.

Results reveal four groups of workers consistently trapped in the most severe category of in-work insecurity over the last twenty years, which has affected 20-25% of workers every year on average and an estimated 6.2 million employees just last year:

  • Young workers who are two and half times more likely to be in severely insecure work than those in the middle of their working lives (43% of 16-24-year olds vs. 17% of 25-65-year olds)
  • Women who are 10% more likely to be in severely insecure work than men (25% compared to 15%)
  • Ethnic minority workers are more likely to be in severely insecure work than white workers (24% versus 19%). Men from ethnic minority backgrounds are 10% more likely to experience severely insecure work compared to white men (23% versus 13%)
  • Disabled workers who are 6% more likely to suffer severely insecure work, compared to non-disabled workers (25% compared to 19%).

Data also reveals the sectors most at risk of severe in-work insecurity are hospitality, services and agriculture, which see one in three workers affected, compared to one in five nationally.

Ben Harrison, Director of the Work Foundation at Lancaster University, said, “At a time of a cost of living crisis, those in insecure and low paid work are among the groups at most risk. Wages have stagnated and while millions more people may be in employment, the quality and security of the jobs they are in often means they are unable to make ends meet.”

Job market data captured during the pandemic demonstrates that those in severely insecure work face the biggest risks in a crisis. During Covid-19, these workers were at greater risk of losing their jobs, were ten times more likely to receive no sick pay, were more likely to lose out on support through furlough or other schemes.

 “Our analysis shows that job insecurity is impacting certain groups more than others – in particular if you are a young person, a woman in work, from an ethnic minority background or have disabilities, you are more likely to experience severe insecurity in work,” Harrison continues. “With the Bank of England predicting inflation could potentially rise to 10% by the end of 2022, workers may be facing the largest real-term wage cut we’ve seen in generations.”

Former Chair of the Social Mobility Commission, Rt Hon. Alan Milburn, said: “The challenges facing millions of UK families due to job insecurity, low pay and lack of full-time work shouldn’t be underestimated. As the country faces the worst cost of living crisis in living memory, it is clear that more urgently needs to be done.

 “Social mobility has stagnated over recent decades and the UK Insecure Work Index confirms that severely insecure work significantly reduces people’s chances of escaping poverty. It is a stark reminder of the need to focus on access to more secure, better paid and higher quality jobs if we are to truly level-up the UK.”

TUC General Secretary, Frances O’Grady, welcomed the UK Insecure Work Index. She said: “Up and down the country, millions are trapped in jobs that have wildly unpredictable hours, low pay, and limited rights.

“For years working people were promised improved rights and protections. But ministers have now shelved the Employment Bill, which they said would help make Britain the best place in the world to work. 

 “Instead of tackling insecure work, ministers have sat on their hands and allowed it to flourish. In the midst of a cost-of-living emergency, it’s more important than ever that the government clamps down on low-paid precarious work.

“The time for excuses is over. We need to see government action to boost workers’ rights and end exploitative practices like zero hours contracts.”

Lord Gavin Barwell, Chief of Staff to the Prime Minister (2017-19) said: “Today for the first time ever, we have fewer people out of work than job vacancies. But, if low unemployment is a UK success story, the government and employers now face two challenges. First, how do we encourage people back into the market to meet the demand for labour? And second, how do we improve the security of those jobs and thereby level up the country?

“This timely report provides recommendations for what the government can do to improve security while maintaining the benefits of the UK’s current approach. The government is on the search for ways to use the regulatory freedom we now enjoy outside the EU: building on the success of the UK economy in creating jobs by ensuring those jobs are secure in the broadest sense of the word would be a great place to start.”

Ben Harrison adds: “In the immediate term, the Chancellor must raise Universal Credit in line with predicted inflation to ensure support through this cost of living crisis is targeted to those in low-paid and insecure work.

“And while plans for an Employment Bill that could have addressed many of these issues appear to have been shelved, the fact remains Government cannot hope to deliver on its ambition to Level Up the country without driving up employment standards and increasing the number of higher quality, better paid and more secure jobs on offer.”

The launch of the UK Insecure Work Index is the benchmark for the Work Foundation’s Insecure Work Research Programme, which aims to produce timely insights on insecure work in the UK going forward.

The UK Insecure Work Index report is published and available in full on the Work Foundation’s website on 26 May 2022: www.theworkfoundation.com.             

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Economics

The One Housing Chart That Shows A ‘Buyer’s Market’ Has Returned

The One Housing Chart That Shows A ‘Buyer’s Market’ Has Returned

The red hot pandemic-era housing market is cooling as historically tight…

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The One Housing Chart That Shows A 'Buyer's Market' Has Returned

The red hot pandemic-era housing market is cooling as historically tight available inventory shows signs of reversing. 

An affordability crisis has removed millions of new home buyers as the number of active US listings soared 18.7% in June from a year earlier, the most significant increase in Realtor.com's data going back to 2017, according to Bloomberg. The days of insane bidding wars, waiving home inspections, and putting in an offer 20% or more over the list price appear to be over. In other words, a buyer's market could be emerging. 

"While we anticipate that more inventory will eventually cool the feverish pace of competition, the typical buyer has yet to see meaningful relief from quick-selling homes and record-high asking prices," said Danielle Hale, chief economist for Realtor.com. 

Austin, Texas; Phoenix, Arizona; and Raleigh, North Carolina saw active listings more than double from a year ago. Nashville, Tennessee, active listings jumped 86%, and 72% in the Riverside, California. 

The Federal Reserve's most aggressive tightening campaign sent the 30-year fixed-loan mortgage rate from 3% to over 6% this year (back in March, we warned coming rate explosion would trigger a housing affordability crisis), removing millions of new home buyers who can't afford the cost of homeownership as the median existing-home sales price was around $407k in May. 

Even though inventory is historically tight, supply is expected to increase in markets across the country as demand for loan applications among prospective buyers slumps. Fewer buyers equal more inventory. 

The takeaway is that inventory is rising as homes stay on the market longer because demand evaporated thanks to the housing affordability crisis -- this could mean a housing top is nearing. 

Tyler Durden Thu, 06/30/2022 - 18:50

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Economics

States Need To Avoid ‘Cures’ That Can Make Inflation Worse

States Need To Avoid ‘Cures’ That Can Make Inflation Worse

Authored by Regina M. Egea and Danielle Zanzalari via RealClearPolicy.com,

Across…

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States Need To Avoid 'Cures' That Can Make Inflation Worse

Authored by Regina M. Egea and Danielle Zanzalari via RealClearPolicy.com,

Across the United States, state governments are awash in cash. In a sharp contrast, American taxpayers are enduring a rate of inflation unseen in four decades, with the costs of everything from food to gasoline at record highs.

In our home state of New Jersey, Trenton is looking at an unprecedented surplus of $8 billion through a combination of increased tax revenue, federal pandemic aid and borrowing.

A natural impulse among residents and policymakers is to offer residents “relief” in the form of rebate checks.

The reality is that relying exclusively on rebates or direct cash transfers to individuals will only lead to more inflation as this puts more money in consumers’ hands exacerbating the same problem as today - too many dollars chasing too few goods.

Rather, it is prudent that states focus on long-term investment and responsible budgeting to ensure economic growth now and in the future. This is especially important in high tax, big spending states due to the greater flexibility in work arrangements that have exposed the reality that wealth is mobile.

With more residents fleeing high tax states to low tax states, states will need to reevaluate their tax and regulatory climate to stay competitive. 

Regulation can raise the costs for consumers and slow job growth. A series of studies shows the regulation raises prices and worsens poverty.

Working with local governments to revisit restrictive laws that contribute to higher housing prices, such as building height restrictions and zoning rules, as well as removing unnecessary restrictions on business operations will lead to more economic growth.

Another way states can aid productivity and long-term economic growth with their temporary budget surplus, is to fund training programs for middle-skilled jobs.

Nearly every industry has experienced labor shortages and that reality is especially acute in trades like auto, refrigeration, HVAC, electrical, welding, and manufacturing.

States can invest in these skills through high school and vocational school programs. With college borrowing costs astronomically high, this encourages individuals to pursue careers that are lucrative and budget friendly, as well as fill the over 75,000 job openings that our state of New Jersey is projected to need in just a few years.

To further long-term economic growth many states should also concentrate on fixing their unfunded pension liabilities for public employees. This impacts red and blue states alike, with massive liabilities in California ($1.53 trillion), Illinois ($533.72 billion), Texas ($529.70 billion), New York ($508.70 billion) and Ohio ($429.53 billion). Here in New Jersey, our liability is nearly $40,000 for every resident of the state, which can dramatically deter future growth. Beyond using some of states’ budget surplus to shore up pension liabilities, states should move public employees to defined contribution plans, which are used by more than 100 million Americans. These are found to have better investment returns than state-wide pension plans and cost taxpayers less.

Our final recommendation is perhaps our most important: Save for a rainy day. If the U.S. economy enters into a recession, this will mean fewer jobs and less tax revenue for states. To prepare for the future when states again face a budget shortfall, which may be sooner than we think, states should follow best practices of reserving 10% of their budget in a rainy day fund, to sustain essential programs should a downturn occur in the future.

As state leaders consider their budgets, they should focus on long-term economic growth initiatives. Proposals like funding middle-skilled job trainings ensure workers are ready for the next decade, whereas eliminating unnecessary regulations and focusing on pro-growth tax reforms encourages residents to build businesses and create jobs. Lastly, taking care of state finances by properly funding state employees’ retirement plans and saving for a rainy day will ensure that no state is left behind in the next economic downturn.

Tyler Durden Thu, 06/30/2022 - 17:50

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Aging-US | Time makes histone H3 modifications drift in mouse liver

BUFFALO, NY- June 30, 2022 – A new research paper was published in Aging (Aging-US) on the cover of Volume 14, Issue 12, entitled, “Time makes histone…

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BUFFALO, NY- June 30, 2022 – A new research paper was published in Aging (Aging-US) on the cover of Volume 14, Issue 12, entitled, “Time makes histone H3 modifications drift in mouse liver.”

Credit: Hillje et al.

BUFFALO, NY- June 30, 2022 – A new research paper was published in Aging (Aging-US) on the cover of Volume 14, Issue 12, entitled, “Time makes histone H3 modifications drift in mouse liver.”

Aging is known to involve epigenetic histone modifications, which are associated with transcriptional changes, occurring throughout the entire lifespan of an individual.

“So far, no study discloses any drift of histone marks in mammals which is time-dependent or influenced by pro-longevity caloric restriction treatment.”

To detect the epigenetic drift of time passing, researchers—from Istituto di Ricovero e Cura a Carattere Scientifico, University of Urbino ‘Carlo Bo’, University of Milan, and University of Padua—determined the genome-wide distributions of mono- and tri-methylated lysine 4 and acetylated and tri-methylated lysine 27 of histone H3 in the livers of healthy 3, 6 and 12 months old C57BL/6 mice. 

“In this study, we used chromatin immunoprecipitation sequencing technology to acquire 108 high-resolution profiles of H3K4me3, H3K4me1, H3K27me3 and H3K27ac from the livers of mice aged between 3 months and 12 months and fed 30% caloric restriction diet (CR) or standard diet (SD).”

The comparison of different age profiles of histone H3 marks revealed global redistribution of histone H3 modifications with time, in particular in intergenic regions and near transcription start sites, as well as altered correlation between the profiles of different histone modifications. Moreover, feeding mice with caloric restriction diet, a treatment known to retard aging, reduced the extent of changes occurring during the first year of life in these genomic regions.

“In conclusion, while our data do not establish that the observed changes in H3 modification are causally involved in aging, they indicate age, buffered by caloric restriction, releases the histone H3 marking process of transcriptional suppression in gene desert regions of mouse liver genome most of which remain to be functionally understood.”

DOI: https://doi.org/10.18632/aging.204107 

Corresponding Author: Marco Giorgio – marco.giorgio@unipd.it 

Keywords: epigenetics, aging, histones, ChIP-seq, diet

Sign up for free Altmetric alerts about this article:  https://aging.altmetric.com/details/email_updates?id=10.18632%2Faging.204107

About Aging-US:

Launched in 2009, Aging (Aging-US) publishes papers of general interest and biological significance in all fields of aging research and age-related diseases, including cancer—and now, with a special focus on COVID-19 vulnerability as an age-dependent syndrome. Topics in Aging go beyond traditional gerontology, including, but not limited to, cellular and molecular biology, human age-related diseases, pathology in model organisms, signal transduction pathways (e.g., p53, sirtuins, and PI-3K/AKT/mTOR, among others), and approaches to modulating these signaling pathways.

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For media inquiries, please contact media@impactjournals.com.

Aging (Aging-US) Journal Office
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Orchard Park, NY 14127
Phone: 1-800-922-0957, option 1

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