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Expats face recession woes

British expatriates are facing the same concerns over job security as many people in the UK, as the global recession continues to deepen.

Expatriate insurance has never been more important, as the credit crunch takes its toll and forces more businesses to cut back, resulting in a growing number of redundancies around the world.

Human resources firm Mercer reports that more than eight in ten companies across the globe are expecting to see a decline in their performance over the course of 2009, meaning many will be forced into making job cuts.

According to the Daily Telegraph, one area where firms are already preparing to take action is in the amount they contribute to defined benefit pension schemes, meaning expatriates working in foreign countries may want to take out some form of overseas insurance to ensure they are covered.

The G20 summit in London earlier this month aimed to tackle the global recession. The leaders from the world’s 20 richest nations agreed a $1 trillion (£680 billion) deal designed to kick-start the global economy following the slump caused by the collapse in the banking sector at the end of 2008.

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