Delegates at our recent event held at the London Transport Museum will recall that the case for providing employees with Income Protection is really very compelling.
We will be issuing the combined results (both morning and afternoon sessions) of the delegate voting as a press release shortly, but in the meantime, I thought you might be interested in this article from Corporate Adviser Magazine:
You will recall that one of my criticisms of the recent Sickness Absence Review was the lack of any proposed tax incentives for the Income Protection market. And you will note from the above article that the reports author’s appear to have taken a conscious decision to shy away from proposing that same concept in their findings.
Whilst I fully understand that the murky world of politics, and the UK’s current financial position, makes such a proposal unpopular, it remains key to widening the scope of this cover across the British workforce.
In return for such an incentive, the treasury would quickly see a lesser proportion of long-term illness cases falling entirely on the state for funding. According to the Sickness Absence Review, this funding is currently costing the state some £13 billion a year, so presumably a well targeted tax-relief option would be self-funding for the state in a relatively short period of time.
Food for thought, and certainly something we will return to later this year.
Best regards
Steve
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