More than three-quarters of employees say they would need to make cutbacks within a month if they were dependent on Statutory Sick Pay (SSP), a study has found.
Research by Legal & General also revealed that around half of respondents believe they would only last two weeks if they received SSP – currently £88.45 per week – instead of their usual salary. In addition, one in five did not know whether their employers offered any additional sick pay.
The insurer’s Workplace Wellbeing survey showed that their concern is genuine, with 53% of those questioned having been, or knowing someone who has been, off work long-term.
‘Many employees don't realise the impact a long-term absence from work (lasting more than four weeks) could have on their finances,’ said Martin Noone, managing director of Legal & General Workplace Health and Protection. ‘Our research highlights the need to raise awareness among employers and employees of this issue.’
He explained that group income protection can play a valuable role by helping people return to work as quickly as possible and reducing the cost of absence for employers.
‘It is vital that if someone is unfortunate enough to be off work with a long-term illness or injury that they have policies in place which provide an income and help them recover, making life better for them and their family while they focus on returning to work,’ Noone added.
The study was carried out among 2,000 full-time workers, as well as 200 managing directors or HR managers from businesses of varying sizes. Produced by Legal & General’s Workplace Health and Protection division, it aimed to increase awareness of how unforeseen long-term absence can affect the people’s finances, as well as its impact on UK businesses.
