Sick pay

HoneyAndLemon

My parnter & I are 23 and 25, and are both in full time employment. We've been looking this week at getting ourselves covered for things like income protection, critical illness and life cover, should the worst happen.

I asked him to find out from his employer today how long he would get paid from his work before going on statuatory sick pay,if he was to get seriously ill. Mine is 6 months full pay, then 6 months half, then SSP. His...5 days full pay, then SSP. Is that normal or does it just look awful compared to mine?

ACG

Different companies have different pay schemes. Usually the smaller companies will go for the minimums.

HoneyAndLemon

It's not that small though, it's a UK wide retail company. Just shocked me that it was for such a short time, I thought most places would be 3 months at least.

McKneff

No, in this climate, lots of companies are no SSP for the first 3 days ie waiting days and then SSP.

Company sick pay is at the companies discretion and will be in the contract.

Your lucky

HoneyAndLemon

I am lucky indeed. Glad we started looking at this sort of stuff now that we've found that out!

kingstreet

You will get much cheaper cover, as you can proceed with income protection with a 52 week deferred period. Your partner will need the shortest deferred period, normally 4 weeks, unless you build an emergency fund of say three months earnings, then go for a 13 week deferred period for him, reducing the cost a little as a result.

What you're seeing is one of the major differences between public and private sector employment conditions.

mildred1978

HoneyAndLemon wrote: »

My parnter & I are 23 and 25, and are both in full time employment. We've been looking this week at getting ourselves covered for things like income protection, critical illness and life cover, should the worst happen.

I asked him to find out from his employer today how long he would get paid from his work before going on statuatory sick pay,if he was to get seriously ill. Mine is 6 months full pay, then 6 months half, then SSP. His...5 days full pay, then SSP. Is that normal or does it just look awful compared to mine?

SSP will be paid as part of your full pay, and on top of half pay, so you won't have full SSP entitlement after the 12 months. Deductions are also made for previous illness within a number of years. So if you have 6 months off, go back and do a month and then off again you'll go straight into half pay (plus SSP if you have any entitlement left).

ACG

kingstreet wrote: »

You will get much cheaper cover, as you can proceed with income protection with a 52 week deferred period. Your partner will need the shortest deferred period, normally 4 weeks, unless you build an emergency fund of say three months earnings, then go for a 13 week deferred period for him, reducing the cost a little as a result.

What you're seeing is one of the major differences between public and private sector employment conditions.

Just following on from this. One thing ive done with my clients if theyre trying to keep it to a minimum is see what they would struggle with if that income was to go, then put that at a shorter deferred period and then the rest to kick in later down the line.

If you were to do that with an emergency fund it can keep the costs right down.