NEWS RELEASE
Your boss values your work ... that's why he's secretly insured your life STUC comment on Sunday Herald investigation into "key-person" and "group accident" insurance schemes taken out for the benefit of Scottish firms without the knowledge of their employees.
Bill Speirs General Secretary of the STUC said:
"How far the U.S. phenomenon of so called "dead peasants' insurance" has inveigled its way into the Scottish Economy is unclear. However the possibility that companies might boost profits from the death of employees is a matter of the gravest concern.
The fact that such policies can be taken out without the knowledge of the employees concerned is an affront to good employment practice and basic civil liberties.
The STUC will be raising this issue with the Department of Trade and Industry at the first opportunity.
Ian Tasker, STUC Assistant Secretary Health & Safety said:
This practice is unjust and reprehensible. So called "dead peasants' insurance" provides a potential disincentive for companies to optimise best employment and health and safety practice. The welfare of employees ALIVE should be the concern of Scottish based industry.