Anxiety, depression could be costing Singapore’s GDP almost $16b a year

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The economic impact is a result of absenteeism, reduced productivity and the use of healthcare resources. Read more at straitstimes.com.

SINGAPORE - After an emotional breakdown in front of her boss, Ms Debra Low knew she had hit a breaking point.

“I didn’t express my difficulties to the team, but I was struggling,” said Ms Low, who is now a freelance social media marketer and also teaches art.Ms Low is not alone in dealing with anxiety and depression – and grappling with these issues at work. Published in the open access, peer-reviewed journal BMC Psychiatry, the study surveyed 5,725 Singaporeans above 21 years old between April and June 2022.

They were also likely to miss an additional 17.7 days of work on average each year, which cost about $4,980 per worker. Presenteeism is also an issue, with 40 per cent reporting being less productive at work. This equates to $28,720 in economic losses annually. In total, these symptoms caused $15.7 billion in increased costs.The World Health Organisation reported in September 2022 that an estimated 12 billion working days are lost globally every year to depression and anxiety.

The university has round-the-clock counselling services, and talks and workshops that cover emotional and mental aspects. It has established an internal network of “well-being champions”, including 60 staff volunteer first responders and 20 employee engagement ambassadors, to provide immediate emotional support and referrals to well-being resources.

He is the group’s first chief wellness officer – a job position that is gaining traction globally as more companies look to manage burnout and address mental health issues among staff. To encourage more staff to get help if necessary, some NHG institutions have engaged external mental healthcare providers so that employees can be assured of their privacy.

For a majority of the large employers with WorkWell Leaders, employee assistance programmes and mental health benefits are incorporated as part of their staff package. The former Nominated Member of Parliament and social entrepreneur also called for a national strategy that would include having a national chief human resource officer -as-a-service, akin to the Infocomm Media Development Authority’s chief technology officer-as-a-service programme that helps small and medium-sized enterprises self-assess their digital readiness.

 

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