Many workers overestimate how much they would receive if they were off work with a long-term illness, according to a study by AG Insurance published on Thursday.
The insurer said there is a clear lack of information about the level of benefit workers are entitled to during long-term sick leave. The study surveyed 1,000 people last spring.
More than half of those questioned, 55%, said they expected to receive an amount significantly higher than the benefit they would actually get during a prolonged absence from work.
Related News
- CD&V wants potential index skip to only apply to unemployed benefits
- Jobseekers in Brussels are struggling to find roles – here's why
- Stricter rules and higher fees: Fewer labour migrants for Flanders
From the second month of illness up to the twelfth, the benefit is capped at 60% of a gross salary limited to about €4,920, which amounts to roughly €3,000 gross per month.
AG said many people appear unaware of this legal cap, particularly higher earners. Respondents with a gross income of more than €6,000 believed, on average, that they would receive nearly twice the amount provided for by law.
As an example, the insurer said a person earning a gross monthly salary of €8,000 expects to receive about €4,800 net per month. In reality, in the event of long-term incapacity for work, that person would receive closer to €2,600 net.
Despite this lack of awareness, 74% of respondents said they feared financial difficulties if they became long-term sick. More than four in five, or 81%, said they did not expect to be able to maintain their current standard of living.
AG Insurance also said only 18% of workers have guaranteed income insurance through their employer.
The insurer said this type of cover could be an important factor in making employers more attractive, as most respondents said they would be willing to give up another benefit to obtain it, especially leased bicycles, company cars and smartphones.
