Income Protection News
Network Rail job cuts underscore need for income protection cover
Job losses continue to occur in the country as companies struggle in the recession, underscoring the need for consumers to shield their earnings with income protection insurance.
The latest redundancies have occurred at Network Rail, which has announced that it is to reduce its 33,000-strong workforce by cutting 1,800 maintenance jobs by April 2011.
A statement from the company, which hopes to reduce its budget by £4 billion, said: "We have a clear commitment to the British people to reduce the costs of running the railway.
"Our plans to restructure our maintenance teams will improve the way we operate the network. We are discussing our plans with our people and their union representatives and no final decisions have been made."
Those in employment are advised to have income protection measures such as accident, sickness and unemployment cover, which is vital given the current instability in the employment sector.
With this cover in place, consumers do not have to worry about bills or debts because it guarantees a source of income until either a full recovery is made or a new job is found.
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