At least 600,000 jobs could go in the UK in 2009, according to a report by a personnel managers' professional body.
The Chartered Institute of Personnel and Development says even those who escape redundancy face pay freezes.
It says that while total unemployment will not hit three million, the time between New Year and Easter will be the worst for job losses since 1991.
According to official statistics, there were 1.86 million people out of work in the UK in October.
That figure was the highest since 1997, taking the overall unemployment rate to 6%.The CIPD, which represents managers and personnel staff, issued its gloomy forecast a day after children's retailer Adams joined a growing list of well-known chains applying for administration.
Chief economist John Philpott said: "This time last year, in the face of some scepticism, the CIPD warned that 2008 would be the UK's worst year for jobs in a decade.It was, but in retrospect it will be seen as merely the slow-motion prelude to what will be the worst year for jobs in almost two decades.
"The CIPD's annual barometer forecast is that the UK economy will shed at least 600,000 jobs in 2009."Overall, the 18-month period from the start of the recession in mid-2008 until the end of 2009 will witness the loss of around three quarters of a million jobs, equivalent to the total net rise in employment in the preceding three years."
Mr Philpott said job losses were likely to continue into 2010, taking the final toll to about one million.
The CIPD also surveyed 2,600 workers and found that more than one in four did not expect a pay rise next year, while others feared a wage cut.
The institute's reward adviser, Charles Cotton, said employees were "realistic about their pay prospects".
"Against this backdrop, employers will need to work hard to find new ways to motivate their employees to perform," he said.
Financial incentives and targeted investment in training and development could be effective ways to do this, he added.
"More than ever, this is a time where organisations need to engage in an open and straightforward communication with staff, clearly explaining the reasons for any difficult measures that will affect them," he said.
"This will help preserve staff loyalty and engagement even during times when unpopular decisions need to be made." .
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Jerusalem, (ANTARA News) - Pesawat-pesawat perang Israel telah menghantam 230 sasaran di Jalur Gaza sejak Sabtu.
"Sebanyak 230 sasaran telah dihantam," kata jurubicara militer Israel seperti dikutip AFP. "Sasaran itu mencakup infrastruktur Hamas seperti gedung, depot senjata dan tempat peluncuran roket."
Israel melancarkan serangan pemboman besar-besarannya terhadap Hamas di Gaza sejak Sabtu pagi. Aksi itu adalah salah satu operasi militer terbesar terhadap wilayah yang mereka rebut dalam perang 1967 itu.
Sedikit-dikitnya 280 warga Palestina tewas dalam serangan gencar itu, sebagian besar dari mereka anggota Hamas, menurut dokter.
Hamas membalas dengan menembakkan puluhan roket ke Israel, yang hanya menewaskan satu orang dan melukai sedikit orang lainnya.(*)
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Islamic finance is a centuries-old practice that is incessantly marking its significance in not only the Eastern but also the Western states. So what exactly is this practice that has captivated the interest of millions across the globe and is gaining continuous recognition? Islamic finance is the process through which the financial conglomerates in the Muslim world inclusive of their banks and further loan giving financial organizations raise their capital in agreement to the Islamic rules and regulations that are called as the "Shari'ah". The various categories of investments that are permissible under the Shri'ah are included in this field.
This industry is showing an impressive and a steady growth rate of above fifteen percent with global worth of almost £150bn to £250bn. Its history dates back to the inception of Islam whereas it was formalized in the beginning of the early sixties when the concept of Islamic banking was made official, owing to the demand for the "Shari'ah" practices. It is basically the acceptance of its attribute of risk sharing that is an important component of elevating the capital and shunning "riba" and "gharar" which are usury and the uncertainty risk respectively.
According to the Islamic laws there are two people involved in a business transaction regarding loans, the individual who is being paid the loan is the borrower whereas the one paying it is the lender. Normally interest is charged by the lender on the amount that he is lending. This concept is vehemently rejected by Islam which terms capital as a means of value rather than as an asset, and asserts the negation of receiving interest over money. Further under the Islamic rules and regulations it is termed as illegal and "haram". The existence of Islamic banking works towards the supplementation and fulfillment of both the economic and the social objectives of Islam. Some of the investment arrangements that are permitted under Islamic banking have been briefly explained in the following paragraphs.
Profit banking is permissible that involves the sharing of both profit and loss between the financial organization and the respective enterprise that has been endorsed by it. Under the indentures of profit and loss sharing the capital of the investors is amalgamated and the eventual loss and turnover is shared. As mentioned earlier, gharar is the uncertainty risk factor that involves the acquisition of a premium against an unforeseen and unpredicted calamity that might befall. Similarly the concept of equity financing of a particular corporation is permitted, as long as the respective organization is not found to be involved in some kind of restricted productions say for instance pornography, alcohol and artillery.
Joint stock ownerships are quite common. The declining balance equity involves the combined purchase of say for instance a house by the bank and the financier. With the passage of time the ownership of the house is transferred by the financier to the original owner whose expenses comprised the home owner's equity. The lease to win is a related method except for the provision of almost the entire finance by the respective financial institute or sponsor on the terms that the house is resold to them after a predetermined time period. A share of the all the individual payments make up the lease.
The cost plus sale is also another commonly practiced method where a liaison say for instance purchases a house with a clear title but agrees to resell it to a potential buyer at the same profit. The subsequent purchase can be both in the form of an absolute payment or timely installments. Leasing is also a feature that is permitted by the Islamic finance. It includes the right of a person who has obtained a lease on a particular item to use it s desired for the specified time period. Once a lease expires a new one can be obtained. Similarly Islamic forwards are also acceptable that involve the payment for a particular item that is acquired at some time in the future. The services of a legal consultant are mostly employed.
Currently this topic is a hot cake in the Europe and owing to the shortage of expert individuals in this field; it is a great career choice for individuals who seek a dynamic and a challenging career in the international market. Many universities abroad are also offering Islamic finance as a course in addition to a certificate that is aimed towards making up for the scarcity of expert and accomplished professionals in the respective market. Skills required to excel in this field are management dexterity and knowledge whereas their job is to make sure that all the financial activities that are being carried out are in accordance to the Shari'ah rules and guiding principles.
All in all it's increasing recognition all around the globe both amongst the Muslims and the non-Muslims can not be denied. This field continues its efforts of integrating religion with the modern practices. And given the amplification of riches in the Muslim states, it is expected to show further progression and advancement. Article Source: http://EzineArticles.com/?expert=Anila_Asad
