Businesses across the UK are spending an estimated £3.1 billion every year on employees who are unable to work due to long term illness or injury. This can be a significant cost to a business, but can be offset by the introduction of a group income protection scheme.
These schemes not only pay a monetary benefit after a set deferred period or number of years, but also offer your business structure, support and guidance in managing an employee through their absence.
Typically, a minimum of 5 employees are required with benefits pitched at 80% of pre-incapacity earnings. These are paid to the employer in the first instance but deliver an income for sick and incapacitated staff and ably demonstrate an employer’s concern for staff wellbeing.
On average over the last 10 years, 2.6m employees have been absent from work and claiming benefit for longer than 6 months. So, group income protection is regarded as a core benefit that helps attract, retain and engage your workforce.
If you would like to know more, please speak to a member of our Income Protection team: 03300085022