Europe has caught a work absenteeism bug, turning one of the continent's biggest advantages into a multi-billion euro strain
Take France, for instance. The number of people taking sick leave has risen so sharply in recent years that it has figured into the French budget as an economic issue with a billion-euro price tag. German employees take over 19 days off due to illness, marking a record high when the economy is riddled with challenges. It's costing the economy €200 billion annually, or the equivalent of 4.5% of the German GDP.
The picture isn't too different in the Nordics, where work-life balance is embedded into the culture. In fact, Norway is leading the charge in terms of absenteeism, with the number of sick days taken by workers reaching a 15-year high, Bloomberg reported in December.
Unlike vacation days, which employees are entitled to a specific number of, sick days are taken on a need basis. There are limitations on how and when people utilize them across different parts of Europe. But as the rate of sickness-related absences spikes, they're starting to hurt economies grappling with worker shortages and low productivity.
In the U.K., employee sickness has cost the economy £30 billion over five years, according to an IPPR report from July. Leaders are paying more attention now than ever: former Prime Minister Rishi Sunak called the 'sick note culture' a threat to the social safety net.
'Increasing sickness absence levels in the U.K. cause not only an enormous cost to the economy but significant implications for businesses, which are left short-staffed and with major skills gaps in their workforces,' Lydia Christie, legal director at law firm Howard Kennedy, told Fortune. 'This also adds burden to those staff at work who are required to try to fill the gaps.'
What is the matter with Europe, and why is sickness-linked absenteeism such a problem in the region?
The factors differ depending on where you look, but they are related to one or more of the following: mental health, an overly generous welfare system, and cultural factors.
People are not just taking more sick leaves, they are also absent for longer. The COVID-19 pandemic drew people's attention to physical and mental health concerns, such as long-term sickness, depression, and anxiety, which have now become a big driver of workplace absenteeism. That's also set off a larger problem of worker inactivity in the U.K.
Europe has always offered generous workplace welfare benefits, making it an example for other regions to aspire to. But those perks might be hurting it. In France, for example, the national health insurance kicks in on the fourth day someone is out sick and pays them about 50% of their salary within a certain threshold. Germany allows workers to take up to six weeks of paid sick leave, which critics have slammed as too much.
There are also broader cultural factors at play, too. Gallup found in 2022 that Europeans 'work to live' rather than 'love to work,' resulting in lower employee engagement than in other parts of the world.
Top executives have noticed employees' lax attitudes trickle down to the workplace.
Nicolai Tangen, the CEO of Norway's $1.6 trillion sovereign wealth fund, said last year that Europeans don't work as hard as their American peers and lack career ambition in their quest for work-life balance.
Absenteeism isn't helping anyone—neither companies nor the economy. But if they're taken when employees genuinely need them, they improve productivity, said OECD's employment expert Christopher Prinz.
'We want people who are sick to be on sick leave. There's a strong argument for sickness schemes actually helping productivity, health and labour market participation,' he told the Financial Times in November.
Countries must strike a delicate balance between encouraging employees to take sick leave and dissuading them from exploiting it, which can result in economic strain. But this might be the key to Europe's brewing productivity battle, making it all the more crucial for policymakers and companies to play the cards right.
A version of this story was originally published on Fortune.com on Dec. 5, 2024.
This story was originally featured on Fortune.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
23 minutes ago
- The Hill
NIH cancels mRNA vaccine contracts, citing lack of public trust
National Institutes of Health Director Jay Bhattacharya claims the federal government recently cancelled millions of dollars' worth of mRNA research contracts because the general public does not trust the technology. Bhattacharya explained the reason behind the abrupt contract cancellations, first, during an episode of Republican political strategist Steve Bannon's podcast 'War Room' last week and again in an opinion piece recently published in The Washington Post. In the article, Bhattacharya called the mRNA platform a 'promising technology' and acknowledged that it may lead to breakthroughs in treatment for diseases like cancer. 'But as a vaccine intended for broad public use, especially during a public health emergency, the platform has failed a crucial test: earning public trust,' he wrote. 'No matter how elegant the science, a platform that lacks credibility among the people it seeks to protect cannot fulfill its public health mission.' Bhattacharya's explanation for the administration's pivot away from mRNA technology differs from that of his boss, Health and Human Services Secretary Robert F. Kennedy Jr. Kennedy announced last week the agency would wind down its mRNA vaccine development activities under the Biomedical Advanced Research and Development Authority (BARDA) and cancel $500 million worth of contracts related to the technology. He said that mRNA technologies funded during the pandemic failed to meet current scientific standards and that the federal government would shift its focus to whole-virus vaccines and novel platforms. Bhattacharya expressed concern in the article about mRNA vaccines' ability to direct human cells to produce spike proteins to trigger an immune response. He argues the scientific community does not have a clear understanding of where mRNA product stays in the body, for how long, and whether other proteins are created in the process. Scott Hensley, a microbiology professor at the University of Pennsylvania's Perelman School of Medicine, told STAT that these are also issues with vaccines that use live but weakened viruses like the measles, mumps, and rubella vaccine, which federal health agencies have deemed safe and effective. 'This is why we complete human clinical studies before vaccines are widely used in humans,' he told the outlet. 'The mRNA and live attenuated vaccine platforms have both proven to be safe and effective in clinical trials.' He blamed public distrust in mRNA on the Biden administration's COVID-19 vaccine mandates during the pandemic. Bhattacharya expressed concern in the article about mRNA vaccines' ability to direct human cells to produce spike proteins to trigger an immune response. He argues the scientific community does not have a clear understanding of where the mRNA product stays in the body, for how long, and whether other proteins are created in the process. 'Science isn't propaganda,' he wrote. 'It's humility. And when public health officials stopped communicating with humility, we lost much of the public, an absolute necessity for any vaccine platform.'
The Hill
23 minutes ago
- The Hill
FDA considers revoking Pfizer COVID vaccine for children under 5
The Food and Drug Administration is considering revoking the authorization of Pfizer's COVID-19 vaccine for healthy children under 5 years old, a move that would add another barrier for parents who want to vaccinate healthy children ahead of the respiratory virus season. Pfizer's three-dose shot for children between 6 months and 5 years old has long been available under an emergency use authorization (EUA). But according to the company, the FDA is weighing ending that authorization. 'We are currently in discussions with the agency on potential paths forward and have requested that the EUA for this age group remain in place for the 2025-2026 season,' Pfizer told The Hill. 'It is important to note that these deliberations are not related to the safety and efficacy of the vaccine which continues to demonstrate a favorable profile,' the company added. Pfizer expects the FDA to approve its vaccine for children ages 5 to 11 with the same limitations as Moderna and Novavax. The FDA in July approved Moderna's shot for children 6 months and older, but only if they have a health condition that puts them at increased risk for severe COVID-19. Novavax has never been approved for children under 12. Pfizer has had full FDA approval for its COVID-19 vaccine for individuals age 12 and older since 2022. It's not unusual for the FDA to revoke emergency authorization on a product if a competitor gains approval for an alternative, and Pfizer has not yet applied for full approval of its COVID-19 vaccine for the youngest age group. All COVID-19 vaccines were initially available only under emergency use authorizations— effectively special permissions given during an emergency if there are no FDA-approved alternatives available. But given the limitation on the Moderna shots, if Pfizer's authorization is pulled, healthy children under 5 years old will have no official options if their parents want to get them vaccinated. 'Parents already were struggling. We had parents, even last year, they had to drive two to three hours to get [COVID] vaccines for their kids. So already, access was an issue. Now it's just going to be abysmal,' said Fatima Khan, co-founder of the group Protect Their Future, which advocates for vaccine access for children. 'You're abandoning children right now … this is something that's so safe and so easy for them to just administer to our kids. Why can we not get it?' Khan said. In a statement to The Hill, the Department of Health and Human Services said it wouldn't comment on potential changes. 'The COVID-19 pandemic ended with the expiration of the federal public health emergency in May 2023. We do not comment on potential, future regulatory changes. Unless officially announced by HHS, discussion about future agency action should be regarded as pure speculation,' HHS spokesman Andrew Nixon said. In May, HHS Secretary Robert F. Kennedy Jr. said that the Centers for Disease Control and Prevention would no longer recommend COVID-19 vaccines for healthy children or pregnant women. The CDC then updated its immunization schedule to reflect that children with no underlying health condition 'may receive' COVID-19 vaccines after consulting with a health care provider. Kennedy has expressed personal antipathy towards the Moderna and Pfizer shots, calling them dangerous and unreliable. HHS also just announced it was pulling back on funding research involving the mRNA technology that was used to develop the vaccines in record time. State health officials said they have been told Moderna is ramping up supplies of its vaccine for the fall and will be able to meet demand if Pfizer's vaccine is no longer available for the youngest children. Providers who already pre-ordered Pfizer shots for the coming season will likely be able to switch to Moderna. But since the Moderna vaccine is only licensed for kids at risk of severe infection, pediatricians will have to offer them 'off label' for healthy kids with no guarantee it will be covered by insurance. 'We're hopeful that the clinical decision making allows them to request the vaccine and get it and have it covered by insurance. But it's just complicated,' said Claire Hannan, executive director of the Association of Immunization Managers, which represents state and local officials. 'The FDA just sort of went outside of the recommendation process in the way that it licensed the Moderna vaccine, and so there's a lot of confusion, and we're just sort of waiting for guidance from CDC on the ordering,' Hannan said. Infectious disease experts have said, and CDC data show, children under age 2 are at risk for severe COVID-19 infection even if they are otherwise healthy. Ayanna Bennett, director of the District of Columbia's Department of Health, said healthy kids should be able to live their best lives. If vaccination will keep them from getting seriously ill, it shouldn't be a question, she said. 'I want kids to not miss two weeks of school. I want kids not to be hospitalized, or in urgent care and miserable. We want them to be able to live their lives when there's no reason why they shouldn't,' Bennett told reporters during a briefing Wednesday. 'If I can prevent something, I should do it, and this is something where we absolutely have prevention available.'
Business Wire
an hour ago
- Business Wire
Cybin Reports Important Progress on Key Milestones and First Quarter Fiscal Year 2026 Financial Results
TORONTO--(BUSINESS WIRE)-- Cybin Inc. (NYSE American:CYBN) (Cboe Canada CA:CYBN) (' Cybin ' or the ' Company '), a clinical-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options, today reported unaudited financial results for its first quarter ended June 30, 2025, and is pleased to provide an update on key business milestones. 'With our recently announced funding agreement in place, we are well positioned to continue advancing our lead clinical programs, CYB003 and CYB004, through multiple inflection points,' said Doug Drysdale, Chief Executive Officer of Cybin. 'Gaining European CTA approval and MHRA approval to commence EMBRACE in the UK has enabled us to expand our multinational Phase 3 PARADIGM program evaluating CYB003 for the potential adjunctive treatment of major depressive disorder. PARADIGM is a significantly larger program than the completed Phase 2 study, with anticipated combined enrollment of approximately 550 participants. Our Phase 3 studies will evaluate the potential clinical benefits of CYB003 in patients living with moderate to severe MDD, and whose symptoms are uncontrolled with existing antidepressant treatment. Our Phase 2 study evaluating CYB004 in generalized anxiety disorder is expected to complete patient enrollment this month.' 'Cybin is in a strong position to advance our programs and continue our work to deliver innovative therapies to address some of the most challenging mental health disorders we face today and is helping to build momentum across the sector - both from a clinical and regulatory perspective,' concluded Drysdale. Recent Business and Pipeline Highlights: Received European approval and MHRA approval for EMBRACE, the second Phase 3 study within the PARADIGM program evaluating CYB003 for the adjunctive treatment of MDD, on schedule. The Company has received CTA approval from the Irish Medicines Board for the EMBRACE study in Ireland, Poland, and Greece, as well as approval from the MHRA. EMBRACE is a 12-week, randomized, double-blind, placebo-controlled study in 330 participants with moderate to severe MDD (MADRS≥24) who are on a stable dose of antidepressant medication but with inadequate response. EMBRACE will evaluate two doses of CYB003 (8 mg, 16 mg) three weeks apart, compared to an inactive placebo. The primary endpoint is change in depressive symptoms as measured by the change in MADRS from baseline six weeks after the first dose. Making strong progress on CYB003 development through the APPROACH and EXTEND studies. Dosing is currently ongoing in the first pivotal study, APPROACH, which is expected to enroll 220 patients across 45 U.S. clinical sites. We are pleased to report that patient rollovers continue into EXTEND, the long-term extension study. Clinical Program Summary CYB003: Deuterated psilocin program Phase 3 PARADIGM program is underway, with topline data from first pivotal study, APPROACH, expected in 2026 1. CYB003 program accomplishments: Received Breakthrough Therapy Designation from the U.S. Food and Drug Administration for the adjunctive treatment of MDD. A completed Phase 2 study of CYB003 in MDD demonstrated durability of effect at 12 months: 100% of participants receiving two doses of 16 mg were responders. 71% of participants receiving two doses of 16 mg were in remission. Mean change from baseline in MADRS was approximately -23 points after two 16 mg doses. CYB004: Deuterated dimethyltryptamine program The Phase 2 CYB004 study is a randomized, double-blind study evaluating the safety and efficacy of CYB004 in participants with generalized anxiety disorder, with concomitant antidepressant/anxiolytic treatment and co-morbid depression allowed. Patient enrollment is expected to be completed this month 1. Change in Presentation Currency Effective April 1, 2025, the Company changed its presentation currency from the Canadian dollar to the United States dollar (' USD '). The change in presentation currency was made to better reflect the Company's operations, align with the currency in which the majority of cash-based expenses are denominated, and improve comparability of its financial results with other publicly traded businesses in the industry. As a result, all amounts presented in this press release are in USD unless otherwise stated. First-Quarter Financial Highlights Cash totaled $118.7 million as of June 30, 2025. Net loss was $24.6 million for the quarter ended June 30, 2025, compared to a net loss of $10.8 million in the same period last year. Cash-based operating expenses consisting of research, general, and administrative costs totaled $23.9 million for the quarter ended June 30, 2025, compared to $11.9 million, in the same period last year. Cash flows used in operating activities were $29.5 million for the quarter ended June 30, 2025, compared to $19.9 million in the same period last year. About Cybin Cybin is a late-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options to address the large unmet need for people who suffer from mental health conditions. With promising proof-of-concept data, Cybin is working to change the mental health treatment landscape through the introduction of intermittent treatments that provide long lasting results. The Company is currently developing CYB003, a proprietary deuterated psilocin analog, in Phase 3 studies for the adjunctive treatment of major depressive disorder and CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in a Phase 2 study for generalized anxiety disorder. The Company also has a research pipeline of investigational, 5-HT-receptor focused compounds. Founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. For Company updates and to learn more about Cybin, visit or follow the team on X, LinkedIn, YouTube and Instagram. Note: There is no assurance that timelines will be met. Anticipated timelines regarding the initiation, advancement and results of clinical trials are based on reasonable assumptions informed by current knowledge and information available to the Company. See 'Cautionary Notes and Forward-Looking Statements'. Cautionary Notes and Forward-Looking Statements Certain statements in this news release relating to the Company are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, 'forward-looking statements') and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as 'may', 'should', 'could', 'potential', 'possible', 'intend', 'estimate', 'plan', 'anticipate', 'expect', 'believe' or 'continue', or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the EMBRACE study to enroll 330 participants at approximately 60 clinical sites across the United States, United Kingdom, Europe, and Australia; the Company's expectation to enroll 220 participants at approximately 45 clinical sites across the United States for the APPROACH study; the Company's expectation to complete enrollment in CYB004 Phase 2 study in August 2025; the Company's expectation to receive topline data from APPROACH in 2026; and the Company's plans to engineer proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for mental health conditions. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the psychedelics market; the ability of the Company to successfully achieve its business objectives; plans for growth; political, social and environmental uncertainties; employee relations; the presence of laws and regulations that may impose restrictions in the markets where the Company operates; implications of disease outbreaks on the Company's operations; and the risk factors set out in each of the Company's management's discussion and analysis for the three months ended June 30, 2025, and the Company's annual information form for the year ended March 31, 2025, which are available under the Company's profile on SEDAR+ at and with the U.S. Securities and Exchange Commission on EDGAR at Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. Cybin makes no medical, treatment or health benefit claims about Cybin's proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psilocin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Rigorous scientific research and clinical trials are needed. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin's performance and operations.
