UK employers will need to do more in future to help employees meet the challenges of caring for older relatives, according to Aon.
The benefits and health solutions firm pointed out that government’s social care reforms, discussed in last week’s budget still fall short of covering the cost of social care.
In raising £12bn a year by increasing national insurance by 1.25 percentage points from employers and employees, the UK Government intends to address both the NHS backlog created by the Covid-19 pandemic and the social care system. The social care system will receive £5.4bn over the next three years, with more to be provided afterwards.
Aon’s head of health and risk consulting, health solutions Mark Witte, says: “Even the most far-reaching legislative proposals will still fall short of fully meeting this growing challenge. The unfortunate impact is likely to fall squarely with employers and employees”.
Aon pointed out that its recent report, ‘The Ageing Population: Why it’s time to take notice’ found that unpaid carers provide approximately £132bn worth of care each year with 2.6 million people have given up working altogether to provide care, a 12 per cent increase from 2013. It predicts that by 2014 one in six UK workers will be balancing their job with caring responsibilities by 2040.
Aon says employees shouldering a burden of care struggle with all aspects of their wellbeing. This can have an adverse impact on business performance in terms of low engagement, increased absence, higher levels of presenteeism, loss of productivity and increased staff turnover.
Witte adds: “Employers will see value in reviewing their internal policies, as well as the support and advice available to carers.
“This should extend to an assessment of new solutions including helping carers meet the cost of care, as well as technology aimed at decreasing the strain and helping loved ones stay in their home for as long as possible. The eco-system of strategies and benefits aimed at meeting challenges arising from an ageing population continues to evolve, and we can expect rapid developments as employers seek to make better decisions that support their employees.”
