‘Half of UK workers’ off sick for 4 weeks or longer would struggle financially
Figures from the Department for Work and Pensions (DWP) show that on average, 960,000 employees take sick leave for a month or more every year, and new research has revealed that 52% would worry about their income if they found themselves in this position.
The survey also found that two-thirds (60%) found their employer’s sick policies difficult to understand, with one-in-six workers not knowing what their employer’s policy is.
With nearly 1 million UK workers absent from work for 4 weeks or longer each year, can you be certain you won’t need time off sick or injured?
Sick Pay and Income Protection Insurance
Statutory sick pay (SSP) entitles employees to £92.05 a week for up to 28 weeks, however two in five (42%) said they did not think this would be enough to live on if they were on sick leave for longer than a year.
Could SSP cover all your expenses such as a mortgage, utility bills, food and travel costs?
While some employers offer contractual sick pay, which is more generous than SSP, a quarter of UK workers believed that sick pay policies were the same across all companies and industries. The average UK worker stands to lose almost £450 in pay if they were off sick for a week without contractual sick pay.
‘Could happen to anyone’
None of us can predict the future, yet so many of us risk our financial stability over thinking we know when we will next be sick or injured and that we will just be fine despite the stats often proving otherwise. At Sick Pay UK our aim is to give you financial breathing space for when you need it most, protecting the most valuable asset in your home – you!
Research indicates that more than half of UK adults (53%) have had to take unplanned leave from work through injury, sickness or unemployment, yet do not have financial backing in case it happens again.
But what is Income Protection you ask? Its simple, its insurance for your wages should you take a leave of absence from work if you become sick, injured or disabled. If the worst happens, our policies can pay you up to 70% of your income up until the age of 70 or retirement should you be unable to return to work.
Nobody wants to additional stress or worry of outstanding mortgage, loan or utility bill payments whilst absent and unable to return to work for a day, a week or even a lifetime. Blog 002 – ‘Half of UK Workers’