Redundancies could soar with a quarter of firms planning to cut jobs

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More than a quarter of employers are planning to axe jobs to cut their wage bills, according to the Chartered Institute of Personnel and Development.

The CIPD also reported that fewer companies plan to hire staff between now and Christmas.

Warning: John Philpott, an economist from the Chartered Institute of Personnel and Development(CIPD), thinks 'cracks' are appearing in the jobs market

Redundancies are set to soar over the coming months as the economic downturn continues, a survey reveals.

More than a quarter of employers are planning to axe jobs to cut their wage bills, according to the Chartered Institute of Personnel and Development.

The CIPD also reported that fewer companies plan to hire staff between now and Christmas.

Official figures due on Wednesday are expected to show that unemployment rose again last month, following the sharpest jump for 16 years in June.

Capital Economics predicts an extra 900,000 people will be out of work by the end of 2010, taking the total to 2.5million.

John Philpott, of the CIPD, said: 'The jobs market has been one of the few bright spots in the UK economy but cracks are appearing in the face of an increasingly uncertain economic outlook.'

The number of companies looking to make staff redundant rose to 27 per cent from 22 per cent over the past three months, the CIPD reported.

The study of 1,200 firms across Britain showed that just 29 per cent will increase staff levels in the third quarter - traditionally a strong period for recruitment.

That is a drop of 8 per cent from the second quarter and 11 points less than this time last year, added the report.