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Employer News - Budget Reactions

...Mental Health Funding

The Chancellor also announced a £2Bn increase in mental health funding.   The Centre for Mental Health estimated that poor mental health cost the UK economy £34.9 Bn last year, which the centre said equated to £1,300 for every employee in the UK economy.

While employers are being increasingly encouraged to improve the mental health support they offer to their workforce, the increased funding was welcomed by the HR community...

Katharine Moxham, spokesperson for GRiD said:

“We welcome the commitment to improving NHS services for those both young and old, who need mental health support.

“The role of employers in supporting those dealing with mental ill health has been seen as crucial, and has recently been positively debated in Parliament. Income protection insurance through the workplace (group income protection) has been recognised as a product that works well for employers to enable them to provide a financial safety net and to help support people suffering from mental ill health.

“Mental health issues accounted for 24% of all group income protection claims last year – more than any other reason. As an industry, we know how vital early intervention is in supporting people through mental ill health and moving them towards recovery and back into work, so it’s really positive to see that Government is taking steps towards better achieving this.”

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