More woe for NHS staff, as 50,000 job cuts have recently been announced.

Announcements have been made recently that a further 50,000 jobs are to be shed across the National Health Service.

Health campaigners have concerns that the redundancies will include doctors, nurses and midwives. This is in direct contrast with announcements made towards the end of last year which were forecast at far less than the figures given.

The news has come on top of the government curtailing spending by the NHS, who in turn are putting further pressure on their managers to find even more savings due to increasing demands on the budgets provided to the whole sector.

Further cut backs are having adverse affects on most hospitals within the UK who are struggling under the financial squeeze on spending. With government incentives or the “big society” pushing to move more care out to the communities there will be less work which will translate in 50,000+ jobs being cut.

Are the big society incentives resonating with the individuals it is aimed at. In one hand the government are advising individuals to share, help, get involved and really get into the spirit of close community, whilst on the other hand they are cutting more jobs in the public sector which does not provide the feel good factor to those who are next in line to be made redundant.

By pushing more care into the communities it will allow the NHS to reduce staff numbers across the country and meet government numbers. The figures quoted are an estimate but it is predicted that they could be a lot higher. According to False Economy an anti cuts website, research indicates that cuts will be widespread encompassing areas such as East Lancashire, North Staffordshire, Royal Devon and Exeter, Royal Cornwall and Belfast.

What does this mean for the many tens of thousand of skilled workers which include doctors, nurses midwives within the NHS that will possibly be affected across the region in an already difficult job climate.

Redundancy, regardless of whether it’s voluntary or involuntary can mean financial hardship for those ill prepared. Monthly outgoings still need maintaining and with replacement job positions hard to come by, the delay in finding a new job could spell the difference between sinking or swimming for most individual’s.

For many, purchasing mortgage protection insurance has generally been a decision only taken when purchasing a new property or when arranging a remortgage. Either sold by mortgage brokers or the bank advisors that provided the financing, it was on the majority highly priced and generally only encompassed enough benefit to cover the monthly mortgage payment.

With forthcoming redundancies, it is essential that individuals review their protection requirements to ascertain if in the first instance they have insurance. If so, that the benefit amount they have is sufficient cover for their needs and requirements. Many are not aware of the vast choice of products that are currently available which may better suit their circumstances. Income protection Insurance rather than mortgage protection insurance could be one such product.

Income protection insurance or redundancy insurance is ideally suited to a vast majority of worker’s, who need some peace of mind to cover their monthly commitments should their own situation deteriorate. It is not wise to procrastinate, as most redundancy protection policies now come with an initial 90 day exclusion period. It is essential that people start preparing early and take control of their financial future before someone else does.



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