MENTAL ILLNESS COSTS THE UK ECONOMY UP TO £100 BILLION PER YEAR
In Mental Health Awareness Week, (11-17 May), Katharine Moxham, spokesperson for Group Risk Development (GRiD), said: “Mental illness costs the UK economy up to £100 billion per year*. This arises from sickness absence, benefit provision and the loss of productivity, and it’s time to act on it.
“According to GRiD’s own research, 19% of UK employers find stress and mental ill health a major cause of short-term absence, rising to almost half who put this as a main cause of long-term absence.
“Granted, some employers (one in ten) have introduced training to help line managers to spot signs of stress and mental health conditions, but many still find this a challenge to address. Not to mention the impact on other staff members and overall business performance if it is not handled well.
“When it is handled well, however, it can reap rewards in terms of staff morale, productivity and retention. A Group Income Protection scheme offers support such as HR and legal advice and fast-track access to Cognitive Behavioural Therapy. Putting programmes like this in place will offer far greater business support when the time comes.”
*Annual Report of the Chief Medical Officer, 2013 (Published September 2014)