Employee Benefits Insurance
Singapore employers are required to provide their employees with employee benefits insurance. These may include items of monetary value or of service, such as medical treatment and transport. This is mandated by the Ministry of Manpower (MOM) in order to ensure that the employees receive fair compensation under the Employment Act for any work done on behalf of their employer.
Benefits are given to employees by the employers to motivate them and boost the companies’ productivity. Employee benefits insurance include employee insurance, which helps protect employees against unforeseen events should they suffer illness or injury. How does insurance work? If you do not have enough money after an accident, this policy will pay for your medical bills and other related expenses.
Reimbursement of medical costs
When an employee is hospitalized due to an injury or accident, claims can be made upon his/her personal employer’s workers compensation insurance plan for payment of necessary medical services provided within a certain period following the incident that caused the disability. This way, there is minimal disturbance to his/her daily life he recovers from being hurt at work.
Disability Income Protection
There will be a monthly payment for a certain number of months if the employee is unable to work because he/she gets injured or sick. This will help him/her financially cope with his life when out of work recovering from injury.
Retirement savings plans
A plan where you contribute money into it, which might have tax benefits. The fund accumulates over time and can provide income when you retire. You can withdraw your own money when you need it without penalty, although there are rules on how much you are allowed to withdraw in one year.
Supplemental health insurance policies
These are often separate from employer-sponsored group plans and individual plans bought by consumers directly. Policies are purchased by an individual for daily, monthly or annual coverage rather than larger lump sum payments. They can cover many areas of medical expenses including dental care, eyeglasses and prescriptions.
Group life insurance policies
Benefits payable when a covered person dies while insured under the group policy. The death benefit is a fixed amount at a single payment to the beneficiaries named in the savings plan you saved money for your family’s financial stability when you pass away.
Long term disability insurance
This benefits an employee if he/she is unable to work due to illness or injury beyond a short period of time, based on the terms of the individual plan. In this way, it helps provide paychecks during recovery.
Short term disability insurance
If you are too sick to work for less than 26 weeks, this benefits the employee. The individual is paid a percentage of his/her usual salary by an insurance company when he or she cannot work for less than 26 weeks.
Paid time off (PTO) programs
This is where employees get paid when they’re on vacation, sick leave and other times in which they do not come into work. There are laws that pertain to how much vacation employees must receive in certain types of jobs. Being paid while you recover from an injury can help financially through your recovery period until you are able to return to work again.
