The overall level of economic waste, currently £109 bn per year , from long term disability and short term sickness absence is unacceptable and is damaging for our economy and society writes John Ritchie.
Only 1 in 10 of economically active people in the UK has sick pay insurance in addition to state provision. This is a major market failure. A radical shift in government and insurance industry thinking is needed. Before Auto Enrolment to Workplace Pensions we had roughly 50% of the workforce with no meaningful savings for their old age in addition to state provision. In other words 50% non participation in ‘pensions'. That was deemed a market failure and there was a consensus that...
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