The Chartered Institute of Personnel and Development (CIPD) warned that when the recession ends, more than a million jobs could have been lost in the UK.
The institute, which represents managers and personnel staff, forecast that unemployment will stop short of three million, but warned that the period between New Year and Easter will be the worst for redundancies since 1991.
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."
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