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." .
How to Save $5000 on Forex Trading Training and Get it Free
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 Forex Accounts or No Riba Accounts are accounts that were created to accommodate clients that are Islamic. They are based on Islamic clients' religious beliefs which basically state that people should give and not expect anything in return and as such they do not pay or receive interest within the Economic industry.
This belief was adapted to Forex Trading and as such Islamic clients can request an Islamic Forex account which allows a client to trade and not pay any interest on open positions.
Within the Forex trading industry, Forex companies charge interest on positions clients have open overnight; not as an excuse to charge clients for the profit of the Forex Company but to cover the charges that the banks enforce for positions Forex companies have open through the night.
These interest charges are referred to as SWAPs, or roll over fees, and can vary depending on which currency pair a client is trading and can also be adjusted from time to time. The reason for this is that it is an interest charge and as we all know interest rates differ from bank to bank and are also adjusted from time to time.
The only two issues that are found due to Islamic Forex accounts are that non-Islamic clients who are therefore not entitled to Islamic accounts feel that it is unfair. This is not the case, as within day trading, Forex markets swaps are part of the industry and generally Islamic accounts that are offered have other charges that Normal Accounts do not face. Depending on the Forex Company this may be higher spreads, limitation on the duration a position may be kept open or certain hidden charges.
The second downfall caused by Islamic Accounts is that some clients take advantage of the benefit of having no SWAPs to pay. They can do this by opening positions and leaving them open for very long periods of time, for which at some point their position will go into profit. This is unfair on the Forex Company as they are the ones that are left to pay the SWAPs charged by the banks they work with.
Another method is if a client opens an account with two Forex Companies, one being an Islamic trading account and the other with the second Forex company being a normal trading account that pays interest on Long positions. As such they will take a short position with the Islamic account and a long position with the other Forex Company so that the profit made on the one position cancels out the losses on the other account and the client is left with the earned interest. This is called Carry Trades and is an unfair method of trading so it is not allowed by professional Forex Companies.
Thomas Papantoniou Account Manager Tadawul FX http://www.tdfx.ch
