Job Vacancies Down
As we highlighted in an earlier article, recent data from the Office for National Statistics (ONS) highlighted that the number of job vacancies in the economy increased to a new record in February 2022 of 1,298,400. That was up from 1,172,000 in November 2021, an increase of 126,400 in 3 months.
Nevertheless, the ONS pointed out in their report at the time, that the rate of the increase in job vacancies was slowing, with the quarterly growth rate in the number of job vacancies falling from 24.7% to 9.6%, indicating that the number of job vacancies was likely to peak in the near future.
Now, new data indicates that the number of job vacancies in the economy has not only peaked, but is now falling.
Firstly, a new report from the ONS found that whilst the number of job vacancies had gone up in March 2022 to a new record of 1,318,000, an increase of 19,600 compared to the previous month, the rate of increase was continuing to slow, this time falling from 9.6% to 8.7%.
Nevertheless, more recent data from the labour market tracker published by the Recruitment and Employment Confederation (REC) indicates that whilst the number of job vacancies peaked during the week of the 7th-13th March 2022, it has fallen back somewhat in late March. Indeed, the labour market tracker found that there were 25% fewer new Job adverts listed during the week of the 21st-27th March 2022 (172,000), compared with the 235,000 posted the previous week. It is the lowest number of new job adverts submitted since mid-January 2022.
Whilst the labour market tracker shows that there are still a 1.83 million job adverts in total that remain active in terms of job vacancies, that is down from the peak level also reached during the week of the 7th-13th March 2022.
The chief executive of the REC, Neil Carberry, stated in response to the data that: The jobs market has been super-heated in the first few months of this year, and was always likely to stabilise in the spring. We may be seeing the first signs of that now. Over the next few weeks, we will see whether this is the cooling we expected, or a slower market developing as employers factor rising inflation into their plans."
Northern Ireland: Parental Bereavement Pay And Leave
Statutory Parental Bereavement Pay and Leave was implemented in England, Wales, and Scotland with effect from the 6th April 2020, as a result of the Parental Bereavement (Leave and Pay) Act 2018. As a result of that legislation, employed parents who lose a child under the age of 18, or who suffer a stillbirth from 24 weeks of pregnancy, on or after the 6th April 2020, are entitled to receive 2 weeks paid parental bereavement leave under the Act, to be taken within 56 weeks of the date of death of the child.
For those who qualify for Statutory Parental Bereavement Pay in England, Wales, and Scotland, with effect from the 3rd April 2022, they will be entitled to the smaller of £156.66 per week or 90 per cent of their average weekly earnings per week. The average gross weekly earnings required to qualify is £123.00 or more.
Nevertheless, Statutory Parental Bereavement Pay and Leave did not come into force in Northern Ireland at the same time as in England, Wales, and Scotland, as the Northern Ireland Assembly was suspended between 2017-2020. Accordingly, work to introduce similar provisions to Northern Ireland only began in January 2020, with the resumption of the Northern Ireland Assembly, with the Parental Bereavement (Leave and Pay) Bill receiving Royal Assent on the 21st March 2022
As a result of the passing of the new legislation, the new regulations came into force in Northern Ireland with effect from the 6th April 2022, with the provisions mirroring those that apply in England, Wales, and Scotland.
