David Fairs, partner in KPMG’s People Performance practice, comments ahead of tomorrow’s Autumn Statement:
“With little saved for their retirement, today’s workforce is likely to remain in role for longer than anticipated. The challenge this brings for Government and employers is how to retain experience and blend it with youth, so that the emerging workforce does not become a generation lost to the dole queue."
"Tax relief for organisations employing under-25s is one option and this could take the form of a reduction in employers’ National Insurance contributions, but to be effective this must not be based on merely ‘giving someone a job’. Any measure that incentivises employment should ensure that companies imbue skills in the young that maintain their employability in the future. It is also vital that fair employment terms are granted, so that those entering the workforce start with a living wage."
“With increased technology taking away some jobs, skills for a modern workplace are the real need as work may in the future be more portfolio and less permanent. If they bear this in mind, the Government has a real opportunity to ensure they don’t miss this once in a generation opportunity.”
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Mike Petrook, KPMG Press Office
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.