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Background/Objectives: Absenteeism refers to the frequent, often unplanned, absence from the workplace. This study examines the interrelations among job satisfaction, quality of life (QoL), and absenteeism among formal caregivers for elderly individuals. With the significant demographic shift toward an aging population, understanding these dynamics is increasingly important. Methods: A sample of 82 caregivers from Portuguese Private Social Solidarity Institutions was used, with QoL assessed through the WHOQOL-Bref and job satisfaction measured via the Minnesota Satisfaction Questionnaire (MSQ). Results: The results reveal that higher levels of job satisfaction are associated with improved QoL and lower rates of absenteeism. Specifically, caregivers with higher satisfaction reported fewer sick leaves and a more favorable perception of their QoL. Conclusions: These findings underscore the need for supportive workplace policies that enhance caregiver satisfaction, ultimately contributing to both caregiver well-being and the quality of care provided.