IBI President Kelly McDevitt recommends that employers reevaluate their products and programs to ensure they meet employees' changing health and well-being needs. (Image: Shutterstock)
Lost work time because of the pandemic has cost U.S. employers more than $50 billion, according to the nonprofit Integrated Benefits Institute. This represents a 117% increase from a previous analysis conducted a year ago.
The assessment includes potential sick leave wages, short-term disability payments and spending on employee benefits:
- Disability wage payments, $10.7 billion
- State disability insurance (specific to California and New York), $1.6 billion
- Sick leave wages,$15.5 billion
- Employee benefits, $22.7 billion
- Total cost to employers, $50.5 billion
Click to enlarge | Source: IBI Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
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