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Employee Benefits Scheme


Singapore Employee Benefits Scheme

Employee Benefits Scheme

Employee Benefits Scheme

There are two important facts that we are all aware of:

  • Employee is the greatest asset of every company.
  • One way or another, every company has some form of Employee Benefits
    Scheme.

However, many companies have not reviewed their Employees Benefits Scheme for
years and hence having an outdated scheme that may not meet the needs of the
company and employees.
Below are some factors we should be considering when designing and reviewing
Employee Benefits Scheme:

  • Is your company having an Employee Benefits Scheme that is well designed to
    attract and retain talents? Should we have a single tier benefits (i.e. every
    employee has equal benefits and everyone is equally important) or multi-tier
    benefits structure (e.g. Management is having higher benefits than Entry-Level
    employees)?
  • Are you overpaying for your Employee Benefits Insurance? Is the Employee
    Benefits Scheme sustainable in the midst of escalating healthcare costs and
    business costs? How can we reduce some of the costs and redeploy the budget
    in other areas such as providing more staff training or team building activities?
  • Are you aware of the fine-prints of the insurance policies such as the policy terms
    & conditions, exclusions and claim procedures? Is the turnaround time of your
    broker or insurer(s) you working with satisfactory?
  • Are the employees aware of their benefits and what is the level of satisfaction of
    the employees on the benefits provided? Are you having an Employee Benefits
    Scheme that really meet the needs of the employees?

Feel free to contact us for a discussion with our Employee Benefits Scheme Specialist, to
find out more on how we can assist in designing and implementing a suitable and cost-
effective Employee Benefits Scheme that meet both your company & employees’ needs.

I want to know more about Employee Benefits Scheme Contact Us

Some of the Employee Benefits insurance we are offering include:

  • Group Hospitalization & Surgical (H&S) and Group Major Medical
  • Group Outpatient – General Practitioner (GP) & Specialist
  • International or Expat Health Insurance
  • Dental Benefits
  • Group Personal Accident (GPA)
  • Group Term Life (GTL)
  • Group Critical Illness (GCI)
  • Group Disability Income (GDI)
  • Maternity Benefits

On the other hand, we also offer following insurance policies covering your employees:

  • Work Injury Compensation (WIC) Insurance
  • Group Travel Insurance
  • Foreign Worker Medical Insurance (FWMI)
  • Foreign Worker Security Bond
  • Fidelity Guarantee Insurance
  • Keyman Insurance

Below are some FAQ & useful links:

  • Who needs to be insured for Work Injury Compensation Insurance (WICI)? Is it
    compulsory to have WIC Insurance?

https://www.mom.gov.sg/workplace-safety-and-health/work-injury-compensation/work-injury-compensation-insurance

  • What is the types of compensation under Work Injury Compensation Act (WICA)?

https://www.mom.gov.sg/workplace-safety-and-health/work-injury-compensation/work-injury-compensation-insurance

  • How to file a work injury claim?

(1) File Workplace Safety & Heath (WSH) Incident Report (iReport) at
https://www.mom.gov.sg/eservices/services/wsh-incident-reporting#what-can-i-do. You
may also download the guide on how to file WSH Incident Report at

https://www.mom.gov.sg/-/media/mom/documents/safety-health/user-guides/wsh-incident-reporting/employer-guide-to-submit-wsh-ir.pdfla=en&hash=E837641A00370656FA0309126EF44130

(2) Inform the insurer and submit the Work Injury Insurance Claim Form with relevant supporting doc (e.g. WSH Incident Report, Salary Slip, Medical Reports, Medical Bills,etc.). Feel free to contact us for further assistance.

  • Is it compulsory to provide Employee Benefits? What is mandatory under the
    Employment Act in terms of Medical Benefits?

https://www.mom.gov.sg/employment-practices/leave/sick-leave/medical-reimbursements-and-salary

  • What is the medical insurance requirement for hiring foreign worker?

https://www.mom.gov.sg/passes-and-permits/work-permit-for-foreign-worker/sector-specific-rules/medical-insurance

  • What is the Security bond requirement for foreign worker?

https://www.mom.gov.sg/passes-and-permits/work-permit-for-foreign-worker/sector-specific-rules/security-bond

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