Of the 20 million employees eligible for Group Income Protection, only around one in 10 has any such cover*.
The human and the financial costs of this shortfall are enormous.
Managing long-term sickness is a challenge and some companies choose to take on the problem themselves. But sickness is costing employers so much money each year, can your company afford to take on such a complex and demanding task without our expert help.
When approximately 168 million working days were lost to absence in 2004* and Sickness absence costs British Businesses £12.2bn a year, with the average cost of absence now standing at £601 per employee.*
According to Jon Barrick, CEO, The Stroke Association, 2010, nearly 40% of men and 30% of women in England have high blood pressure. Half of people with high blood pressure are not receiving treatment. The total economic cost of strokes alone to the UK is estimated at £4.5 billion each year. He has estimated that one in three adults in England and Scotland are hypertensive and nearly half of those are not receiving any kind of treatment. He has also reported that around 60% of adults in England have a blood cholesterol level in excess of 5mmol/l
An effective income protection policy will provide a continued income for sick and incapacitated employees who are unable to work.
It will help with employee retention and recruitment and can be used to protect National Insurance and Pension contributions whilst providing financial assistance at a reasonable cost and let’s not forget that you may also enjoy tax relief on the costs of such a scheme making it an effective way of dealing with this costly issue.
We would welcome the opportunity to discuss these services should you feel that they would be of use and our senior corporate consultant, Steve Brice will be happy to talk through your requirements.
* CBI Absence and Labour Turnover report 2005