Legal and General welcomes a government commissioned review of the cost of sickness-related absence to Britain's employers.
Diane Buckley of Legal and General says, "For some time, we have been highlighting to government the savings in Statutory Sick Pay and Occupational Sick Pay which could be made available as a result of more widespread take-up by employers of group income protection policies. These policies, which are taken out by employers, cover staff against loss of income as a result of accident or illness, and frequently feature early, active medical intervention tailored towards facilitating an early return to work. Results for illnesses including musculoskeletal conditions, mild depression and stress have shown accelerated returns to work, with corresponding reductions in the numbers of employees at risk of reliance on long-term state benefits. Employers see a reduction in the cost to the business of absence due to sickness or injury, the state benefits from a reduced exposure to paying benefits and most importantly, the individual benefits from rapid intervention and has a much-improved chance of returning to work within a reasonable timeframe. This is crucial: lengthy absence from the workplace waiting for treatments can exacerbate conditions, and ultimately force individuals out of the workplace."
Income protection insurance news: 30 April 2011