Next boss warns of 'dramatic' fall in entry-level jobs
Summary
The boss of retailer Next, Lord Wolfson, says entry-level jobs in the UK have dropped sharply, with more people applying for fewer positions. He also warns that new rules ending zero-hours contracts will make hiring harder and urges the government to reconsider increases in employer taxes and minimum wages to help create more jobs for young people.Key Facts
- Entry-level job applicants for Next shops nearly doubled from 10 to 19 people per job in two years.
- Youth unemployment in the UK is 16.2%, much higher than the general rate of 5%.
- A ban on zero-hours contracts starts next year, requiring more predictable work hours.
- Lord Wolfson says high employer costs, including National Insurance and wage rises, make hiring harder.
- The government says raising the minimum wage helped over 200,000 young workers and provides a £2.5 billion youth employment support package.
- Next's physical stores have fewer staff, while its online business grows, using more technology like self-scanning lockers.
- Next owns several well-known brands and employs over 30,000 people.
- The company expects profits of £1.2 billion this year, with sales up 6.2% in the first quarter.
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