Singapore is one of the countries with a solid employee insurance policy. The policies guarantee the best health pieces of advice and their protection solutions so they can become more productive. Companies in Singapore mainly offer health insurance, other perks, and compensation to ensure employees remain loyal. Here are some interesting facts about employee insurance in Singapore you should know about.
What employers should know about employee benefit packages?
Whether expatriates or citizens, Singaporean employees should get health insurance, annual leave allowances, pensions, and income protection. Travel insurance applies to corporate job descriptions like bankers, business consultants, media reporters, and sales representatives. Their health insurance should be included on top of health insurance as well.
Why companies should include employee insurance
As a company, you’re not just attracting top talent for the sake of it. Instead, you want your employees to know you value their work input so the company stays on top of others. It might not be a full-fledged requirement during the recruitment process, but it’s a perk that ensures you retain top talent.
You should note that your employees participate in essential business processes, making health insurance beneficial. Some companies go as far as including work injury compensation as a measure to keep their employees more productive.
Employees are likely to be loyal to businesses if their satisfaction is fully met. Studies also indicate that 75% of the workforce come 2025 will be millennials, making it necessary to include group health insurance. The move accentuates the generation’s focus on benefits, company culture, and support. Click on https://expatinsurance.com.sg/employee-benefits/ for more info.
Offering health insurance to your employees shows you care about their well-being. Other perks you can include in the package as flexible work schedules, paid leave, additional days off, and a conducive work environment.
Types of group insurance
1. Group term life (GTL)
The Singaporean GLT policy covers workers if they die in the line of duty, become permanently disabled, or develop a terminal illness. The only difference between GTL and individual term life insurance is that the former can renew itself per year. The policy is to cover dependents should income sources be lost.
2. Group Medical
Group Medical insurance is to help Singaporean citizens and permanent residents to access essential protection. It covers employees who cannot access basic protection if something unfortunate occurs.
3. Group personal accident (GPA)
GPA is a Singaporean health insurance package for employees with injuries or death after an accident. The insurer covers victims of permanent disability, funeral expenses, or hospitalization costs, provided they were in the line of duty.
4. Group travel
This employee insurance package is for employees whose job descriptions involve frequent traveling. If you lose your luggage and personal items, get an injury, or lose your passport, the group travel package will compensate you. Also, this package became more popular during the COVID-19 pandemic as employees contracted the virus, hence needing urgent medical attention.
Including employee insurance in your company is an excellent way of attracting and retaining top talent in your company. Some packages might be specific, while others are exclusive. All you need to do is to find one that suits your company’s policies so you can protect your employees and ensure they remain productive.