In addition to the significant toll on individuals, families and society at large, the business impact of COVID-19 on the global workforce will have lasting effects. With many workers without jobs or having reduced hours or income, employees are justifiably anxious about getting their income and benefit protection. MetLife’s annual U.S. Employee Benefit Trends Study (EBTS) reveals that as of early April 2020, more than half of employees surveyed are most concerned with their financial health in the wake of the pandemic.
In response, federal, state and local governments have enacted leave legislation to protect employees. However, employers are grappling with the constantly changing and complex legislation. Now more than ever, government agencies are recognizing the value of disability and leave benefits, especially in times of crisis. Many employers — regardless of their size — are expanding existing disability and leave programs to further support employees and their families impacted by the unprecedented pandemic. Below is some information that may be helpful as you navigate these changes and adapt to the circumstances ahead.
