Kicking off our #LivingPension webinar, @davidfinchthf notes the very welcome context of a universal flat rate pension, and the successful roll-out of auto-enrolment, which has got millions more workers saving for their retirement. Image
@davidfinchthf And the success of auto-enrolment is badly needed, as people are saving from a very low base of existing pension saving.... Image
@davidfinchthf How much do you need for an adequate income in retirement? It ranges by family type and housing tenure. We take an average to set a Living Pension savings target. Image
@davidfinchthf How much do you need to save to reach the target savings pot for a Living Pension? It varies by age. A 25-year-old earning the real Living Wage would need to save 11.2% a year - 3.2% more than the 8% current minimum contributions in auto-enrolment. Image

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More from @resfoundation

27 Jan
Today’s BBC report highlights the big hit to self-employed workers in the Covid-19 crisis. Our research has shown that the self-employed have faced a huge income shock – but support is poorly targeted. A thread…
At the height of last spring’s lockdown, three-in-ten self-employed people were left entirely without work. And even when the economy was opening up in September, more than half still had a lower income than before the crisis, and one-in-six were still without work. Image
All groups of self-employed workers have been impacted, but the young most of all – in September, a quarter of 18-34-year-olds self-employed workers didn’t have any work. Image
Read 8 tweets
26 Jan
This morning’s @ONS data shows the labour market continuing to weaken last autumn, with redundancies reaching a record high in the three months to November. But timely data for November and December offers more of a mixed picture. (Full reaction thread) Image
In headline terms, the main story is one of ongoing weakening towards the end of 2020. The unemployment rate reached 5 per cent in the three months to November (for the first time since 2016). Image
The Labour Force Survey continues to have some measurement challenges. There is a group who describe themselves as employed but who aren’t working and aren’t being paid. Adding them to the unemployment count takes the rate closer to 6 per cent. Image
Read 20 tweets
25 Jan
New @ONS data out this morning showed that social care workers had significantly higher death rates from Covid-19 than the general population. This makes it a timely moment to remind ourselves of the pay and conditions facing frontline care staff. A short thread...
Back in April we found that approximately half of frontline care workers are paid less than the real Living Wage, with England the worst offender out of the nations of the UK. In the private sector (where most care workers are employed), this rises to as many as two-in-three. Image
When it comes to employment status and conditions, one-in-ten frontline social care staff are on zero-hour contracts - five times that of the economy as a whole. Given that many care workers have caring responsibilities of their own, this is particularly concerning. Image
Read 4 tweets
28 Oct 20
Our latest report out today examines the impact of the pandemic on the labour market so far. With the furlough scheme ending this week, our analysis reveals the true nature of Britain’s jobs crisis. A short thread… resolutionfoundation.org/publications/j…
Around one-in-five young people, and over one-in-five black, Asian and minority ethnic (BAME) workers, who were furloughed during lockdown have since their lost jobs – and just one-in-three young people who have lost their jobs have been able to find new work.
Since February, the incidence of insecure work declined most among the youngest and the lowest-paid, reflecting the fact that these groups worked on insecure contracts at much higher-than-average rates even before the crisis.
Read 12 tweets
26 Oct 20
Since April, over 400,000 self-employed workers claimed SEISS despite not losing any income during the crisis, while almost 500,000 people still without work have received no support at all. Listen to our key findings from @hcslaughter_
Self-employed workers were hardest hit in April, with 30% completely out of work. While the number out of work has reduced since then, more than half of self-employed workers are still receiving lower pay than before the crisis.
Nearly a quarter of 18-34-year-olds and those educated to A Level or below who were self-employed pre-crisis were still without work in September.
Read 6 tweets
10 Oct 20
RF briefing by @karlhandscomb @dan_tomlinson_ @carapacitti &
@hcslaughter_ - Back to the furlough: U-turn to retain furlough scheme in closed sectors paves way for fresh lockdowns resolutionfoundation.org/publications/b…
@karlhandscomb @dan_tomlinson_ @carapacitti @hcslaughter_ 1. The new 'expanded Job Support Scheme' looks remarkably similar to the Job Retention Scheme, but with employee support reduced from 80% to 67%. @RishiSunak has rightly brought back furloughing in the event of local lockdowns
@karlhandscomb @dan_tomlinson_ @carapacitti @hcslaughter_ @RishiSunak 2. The new support - while less generous for employees than the original Job Retention Scheme - is still broadly in line with other schemes across Europe.
Read 6 tweets

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