Could your staff manage long-term disability?

While companies tend to have policies in place to manage long-term disability, it seems few UK workers have considered the personal possibility.

Could your staff manage long-term disability?

UK workers have not made adequate financial security preparations in the event they said be unable to work long term due to illness or injury, according to new research.

The survey which was conducted by Demo, revealed that half (51%) of employees assume their employer would pay full salary for at least three to six months in the event of illness. This has led to a complacency among employees; one in four (23%) respondents admitted having no financial safety net in the event they would be unable to work long-term. Twice as many people choose to insure their pet (13%) or mobile phone (12%) compared with taking out personal income protection insurance to protect their monthly wages (six percent).

Should such debilitating illness or injury strike, over a third (35%) said they would rely on their own savings. However, when they were asked the current level of savings they could access in the event of emergency, half (49%) had less than £2,000 (CAD$3,078) to support themselves and their family – the equivalent of just one month’s average salary.

 

Recent articles & video

Manitoba government reinstates 1:1 apprenticeship ratio

Two-thirds of Canadian organizations expecting cybersecurity incident

Training leaders to address chronic pain issues

Employee relocation to another province

Most Read Articles

RCMP called after suspected employee fraud in federal government

Province introducing paid sick leave as of Oct. 1

Lecturer fired for misogynistic paper published in his name