Three in four employees expect more from statutory sick pay
Our new research shows that only 24% of employees surveyed knew that Statutory Sick Pay is less than £100 a week. Many employees will be in for a financial shock if illness prevented them from working and they had to rely on Statutory Sick Pay, especially if their absence became long-term.
Statutory Sick Pay (SSP) is £88.45 a week and set to remain at that level for the next tax year 2016/17.
Our new Working Lives research shows that:
- 76% of employees surveyed thought that SSP was £100/week or more
- Almost 15% thought it to be between £150.01 and £200/week, around double its real value
- Another 15% expected it to be more than £200/week
- The average expected weekly value of Statutory Sick Pay was £143.20, 62% more than the real amount
- The research showed that three out of five Business Owners also thought SSP was £100/week or more
Two thirds think SSP amount is "not fair"
When the survey participants were made aware of SSP's real value and asked whether they thought it was fair, the results were similarly clear:
- 24% said "not fair at all"
- 42% said "not that fair"
- 26% said "fair"
- 8% said "very fair"
Paid by employers
Statutory Sick Pay is paid by an employer to a qualifying employee who has been off work sick for four or more days in a row (including non-working days) for up to 28 weeks.
Some employers offer extra sick pay but others do not, highlighting the need for employees to really understand where they would stand should they be unable to work.
Government's new "Help to Save" scheme
The Budget on 16th March included an outline of the Government's new "Help to Save" scheme to support low income employees.
This is an interesting development and supports the belief that government and industry should work closer together to provide solutions for employee income protection.
Group Income Protection CAN help employees return to work faster
These policies can pay a monthly income when an insured employee is absent from work because of a long term illness or injury.
Our proposition also includes early intervention and funding for suitable treatment to help employees return to work faster.
Our latest statistics show that almost 80% of employees can return to work before their case becomes a claim.
A faster return to work is good for the employee as they're fully earning again, and good for the employer as both the cost and impact of absence are lower.
Visit our Group Income Protection pages for more information on our proposition and the support available.