10 facts about UK labour trends in 2024.
- UK unemployment remains at 4.2%.
- There are 949,000 unfilled vacancies in the UK according to the Office of National Statistics (ONS).
- Rates of pay continue to rise due to the shortage of skilled labour but shows signs of slowing.
- A 9.8% increase in the statutory minimum wage is set to take effect from April 2024 to £11.44 an hour.
- Labour shortages in engineering, construction, finance, and social care continue.
- The manufacturing sector is reported to experience growing labour shortages.
- The minimum wage required to sponsor overseas workers on a UK Skilled Worker Visa will increase by nearly 50% from April 2024. Currently the minimum wage of £26,200 per year, will leap to £38,700 per year.
- The changes in the Skilled Worker Visa requirements will increase recruitment competition in 2024.
- After London, the Midlands and East of England employed the most workers on Skilled Worker Visas (according to the Migration Observatory).
- Flexibility for remote and hybrid working remains popular for workers.
For the ONS report, click here.
To read more about Skilled Worker Visas click here.
To read more about the Migration Observatory then please click here.
For the list of UK shortage occupations as listed by the government, please click here.