Mental health issues cost Indian firms $14 billion a year
September 8, 2022, 7:30 pm

Mental health issues cost Indian firms $14 billion a year

India-Bazaar-Marketplace/Pixabay

Poor mental health amongst employees costs Indian companies a combined $14 billion a year due to absenteeism, attrition and other reasons, Deloitte estimated in a report after surveying nearly 4,000 workers, Reuters reported, al-Arabiya English said.

Mental health issues have long been a taboo in India, but rising awareness among the younger generation and the impact of the COVID-19 pandemic have made people more conscious about their overall wellbeing.

Around 47 percent of those surveyed considered workplace-related stress as the biggest factor affecting their mental health, followed by financial and COVID-19 challenges.

The survey was conducted between November last year and April this year and was released on Thursday (Sep 8).

Charu Sehgal, partner and Life Sciences and Health Care leader, said: “Mental health-related challenges are not new to the Indian workforce, but these have come to the forefront in light of COVID-19, and a younger workforce that is open to speaking about their individual wellbeing.”

Mental health issues have long been a taboo in India, but rising awareness among the younger generation and the impact of the COVID-19 pandemic have made people more conscious about their overall wellbeing - Photo. Pixabay

“Not only is the number of impacted employees large, the degree of the challenge is also high, accentuated by performance-oriented cultures anchored in long and demanding work schedules, economic uncertainty, and peer comparison [especially on social media platforms].”

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The survey found 80 percent of the Indian workforce reported mental health issues in the past year, after a second wave of COVID-19 infections killed tens of thousands of people in the country last year. But stigma in society prevented around 39 percent of the affected respondents from taking any mitigating steps.

Additionally, 33 percent of all respondents continued to work despite poor mental health, while 29 percent took time off and 20 percent resigned.

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The World Health Organization (WHO) estimates that poor mental health costs the global economy $1 trillion annually in lost productivity.

The report noted that in India alone, a 2019 WHO estimate said the economic loss due to mental health conditions between 2012 and 2030 would be around $1.03 trillion.

Source: alarabiyaenglish

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.