MANDATORY INCOME PROTECTION INSURANCE SUGGESTED IN THE FACE OF COVID-19 PANDEMIC.

Zurich insurance group and the university of oxford smith school of enterprises and the environment in a recent study has called on governments to look at ways to protect income in the face of the global pandemic. The study noted that there is need for compulsory financial protection via auto enrolment into pension plans and introducing compulsory savings programs. The study also suggested making employer funded sick pay in the UK compulsory.

Since the covid-19 pandemic, employers have been at the receiving end as they are now dealing with concerns around training, reskilling and caring for their people.

The study further suggested that to address some of these concerns, governments, employers and insurers can look to the report recommendation which calls for strategies in helping employees prepare for their future.

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