ASSOCHAM sees US$20bn savings by 2018

Adoption of Corporate wellness program can save India Inc. income up to US$20 billion by 2018 through a reduction in absenteeism rate by 1% and at the same time improve chronic and lifestyle diseases of corporates and employees.

This has been highlighted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) which further reveals that on an average for every rupee being spent on employee wellness programme, employers get Rs.132.33 as a saving on absenteeism cost and Rs.6.62 back as reduced health care costs.

These findings are based on the paper ‘Corporate Wellness Programme: Benefits to Organisation & Economy’ covered sectors like Engineering, FMCG, Financial Services, IT/ITeS, Infrastructure, Market Research/KPO, Media and Real Estate.

The paper also found that 83% of respondents are willing to contribute a percentage of their salary in company sponsored wellness program; however 17% are not at all willing to participate in it, adds the paper.

On impact of wellness program to corporate employees across sector, the paper disclosed that among IT/ITeS sector employees, 93% feel that company sponsored wellness program act as a motivating factor for them. However 7% feel depressed about the healthcare program.

About 60% employees engaged in media sector consider wellness program as a motivating factor, whereas remaining 40% feel that it acts as a depressing factor.

However, in case of FMCG, 75% of employees feel that it act as a motivating factor while 25% consider it as a depressing factor.

In financial sector, 84% of employees favor the wellness program while 16% of respondents not interested to participate in these kind of programs, noted the paper.

In rest of sectors 100% of employees consider company sponsored wellness program act as a motivating factor for them. fii-news.com