"Our research highlights the need to raise awareness amongst employers and employees of this issue and the role that Group Income Protection can play in providing a solution."
49% of full-time employees surveyed thought they would last less than two weeks before making cutbacks if they had to rely on SSP, which currently sits at £88.45 per week
This is despite over half (53%) of employees having been off work long-term themselves or knowing someone who has been.
Nearly a fifth of the employees surveyed (19%) did not know if their employer paid additional sick pay on top of SSP, highlighting the importance of group income protection.
Martin Noone, Managing Director, Legal & General Workplace Health and Protection, commented: “Many employees don’t realise the impact a long-term absence from work, lasting over four weeks, could have on their finances. Our Workplace Wellbeing research shows that over three out of four employees could not last a month on Statutory Sick Pay without having to make cutbacks. It also shows that this is a very real risk, with over half of the employees surveyed either knowing someone who had been off work long-term or had been off long-term themselves.
“Our research highlights the need to raise awareness amongst employers and employees of this issue and the role that Group Income Protection can play in providing a solution. It typically costs less than 1% of payroll yet most employers (and employees) think it costs a lot more.
“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 whilst they focus on returning to work.”
