The recent reports from Royal London show the official figures of millions of workers that are off sick for more than a month every year. The report also shows that half (52%) of the worker will worry about their income if they to become too ill to work for longer than a month. While on the other hand, the 42% don’t think that £92 a week will be enough to live on if they were to be on a sick period for a long amount of time.
Around two-thirds (60%) are confused with their employer’s sick pay policies and find it difficult to understand, whereas one in six workers didn’t know what their employer’s policy is. The Employees are entitled to $92.05 a week and two in five (42%) agree that this is not enough to live on if they were sick longer than a year.
Different companies have different policies, as some employers may enhance the statutory sick pay. On the other hand, a quarter of those survey thought the opposite and falsely believed that sick pay policies were the same across all companies and industries. Additionally, there are employers that offer contractual sick pay, which is more beneficial than statutory sick pay and you can even be entitled to it from the first day of sick leave.
On average UK workers will lose almost £450 in pay if they were off sick for a week without the contractual sick pay. This is why employees are thinking about how to manage their finances if they ever come across this situation.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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