Published on 24/10/2013
The average employee in the UK workforce will take 360 days off sick during their career, according to a new report from protection provider LV=.
Illness could result in a loss of income
The report also found that nearly half of all workers (44%) who had been off sick for a prolonged time had to return to work earlier than they would have liked due to financial concerns.
The National Sickness Report from insurer LV= has revealed statistics on the health of the UK workforce, the attitude to sickness and how people protect themselves financially against long-term sickness.
The report found that stress and depression were the two most common long-term illnesses affecting full-time workers in the UK today. Workers who had to take off work due to stress and depression took two and a half months off to recover whilst 650,000 people have had to take more than a year off work due to stress.
Two and a half months off work could cost the average worker up to £4,671 in lost income earnings whilst they spend time recovering. A third of all full-time workers would only receive Statutory Sick Pay (SSP) if they fell ill; SSP is currently set at £86.70.
Head of protection at LV= Mark Jones said: “Often when we talk about workplace absence we look at the cost to businesses, however we wanted to highlight the impact that being off sick can have on an individual’s finances and lifestyle.
“The fact that one in three would only receive Statutory Sick Pay indicates that many would be out of pocket and struggling financially, especially if they were off work for a long period of time, which it is clear from our findings that many people are.”
Income protection insurance can pay you a tax-free monthly benefit to cover up to 70% of you salary if you cannot work through accident, sickness or unemployment.
© ActiveQuote Ltd. 2013Categories: Income Protection