Connect with us

Hi, what are you looking for?

Finance

Long-Term Sickness Absences Hit Record High

<?xml encoding=”utf-8″ ?????????>

The UK grapples with a record-breaking surge in long-term sickness absences, reaching over 2.8 million individuals, marking an increase of 700,000 over the past three years.

Before the pandemic, approximately 2.1 million individuals were classified as economically inactive due to long-term sickness. The staggering rise in long-term sickness absences underscores the profound impact of health-related challenges on workforce participation, according to data from the Office for National Statistics (ONS).

Analysts at HSBC highlight a concerning trend, noting that the total number of individuals aged 16 to 64 inactive due to long-term sickness has surged by 36% since the end of 2019. This surge in long-term sickness absences poses significant challenges to economic recovery efforts, intensifying inflationary pressures and constraining the pool of available workers.

The rise in long-term sickness absences has broader implications for the economy, contributing to a decline in employment levels and exacerbating inflationary pressures. Charlie McCurdy of the Resolution Foundation underscores the broader economic implications, citing rising redundancies, falling job levels, and stagnant economic growth as signs of a troubled economy.

Experts attribute the rise in long-term sickness absences to various factors, including delays in routine healthcare treatments, increased mental health issues, and tighter access to basic benefits provision. However, a consensus on the primary drivers of this trend remains elusive.

The surge in economically inactive individuals extends beyond long-term sickness absences, with the overall number of economically inactive people of working age reaching 9.4 million. This level, last seen in 2012, underscores the severity of the current economic challenges.

Mel Stride, the work and pensions secretary, said: “We’ve seen long-term, sickness-related inactivity rise since the pandemic. That’s why we introduced our £2.5 billion back-to-work plan to transform lives and grow the economy.

“Our welfare reforms will cut the number of people due to be placed in the highest tier of incapacity benefits by over 370,000. As millions are benefiting from this month’s huge boost to the national minimum wage, it is work, not welfare, that delivers the best financial security for British households.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Finance

<?xml encoding=”utf-8″ ?????????> Recent revelations from internal meetings at Meta, the parent company of Facebook and Instagram, have shed light on discussions among managers,...

Stock Markets

PHILIPPINE STAR/KRIZ JOHN ROSALES THE DEPARTMENT of Budget and Management (DBM) on Thursday said it approved the release of P5.83 billion to help build...

Finance

<?xml encoding=”utf-8″ ?????????> In a strategic move to solidify family control over the LVMH luxury conglomerate, Bernard Arnault, the world’s wealthiest individual, has elevated...

Stock Markets

LISTED Metro Retail Stores Group, Inc. has opened a new distribution center in Santa Rosa, Laguna, as part of its expansion strategy in Luzon....

Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Captain Of Success. All Rights Reserved.