Updated: Mental health costs employers up to £42bn a year, report finds

Cost to economy is up to £99bn

clock
Updated: Mental health costs employers up to £42bn a year, report finds

The stigma around mental health and the challenges of dealing with mental health problems in the workplace cost employers between £33bn and £42bn each year, according to a government-commissioned independent report.

The Stevenson/Farmer review of mental health found the substantial cost to employers nationwide was borne out of "presenteeism" - when individuals are less productive at work - as well as the cost of sickness absence and staff turnover. It found one-in-seven (15%) employees have symptoms of an existing mental health condition, with 300,000 people leaving their jobs each year because of it. On top of the cost to employers, poor mental health costs the government about £25bn a year, the report...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Exclusive access to our fortnightly Protection insight mini-podcast.
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection