Depression, anxiety cost Canadian economy billions, Conference Board says

Lost productivity caused by workers' depression and anxiety costs theCanadian economy almost $50 billiona year, according to a new report released Thursday.

The Conference Board of Canada said in the report thatdepression costs the economy at least $32.3 billion annually, while anxiety costs another$17.3 billion a year.

Worker productivity is lost through bothabsenteeism when employees are away from their jobs and presenteeism when they goto work while sick and performwith reduced productivity, the group says.

LouisThriault,vice-president ofpublic policy at the Conference Board, saida large proportion of working Canadians have unmet mental health needs that prevent from performing at their peak.

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The prevalence of depression varies enormously by industry, with theaccommodation, food services andretail trade sectors topping the list,Thriault said.

"[They are] sectors where the labour market is more precarious, job permanency is less [and]there's more turnover," he said.

The report should serve as a wake-up call that employersneed to act more strategically about the issue of mental health, he said. While much ofthe focuson dealing with mental health issues centres on government, attention isn't typically given to the role of employers, he added.

"This highlights the fact that there is a [return on investment]." he said."There is a gain for the employer in acting on mental health in the workplace."

The Conference Board's report goes on to say that mental illness can prevent some people from working full-time or part-time, and that almost a quarter of Canadians living with mental health issues are unable to work.

The report adds thatif all these Canadians had access to better treatments and supports, the economy couldsee up to 352,000 Canadians with depression oranxiety enter the workforce as fully functional employees each year until 2035.

In terms of disability benefits, mental illness represents asignificantcost to employers, the Conference Board says.It accounts for about 30 per cent of all short- and long-termdisability claims, with the value of theseclaims rangingfrom $15 billion to $33 billion annually.