There are some benefits that every HR should ensure that all his employees are entitled to. Insurance benefits are highly appreciated by every employee and as a result, they pay by hard work and effectiveness in the workplace hence realization of increased output and bigger profit margin in the company.
Employee insurance in Singapore has been embraced by most employers as the company owners have also realized the importance of the same, the major covers in Singapore include medical insurance cover, retirement plans, and disability insurance cover.
Medical insurance cover.
Medical cover is one of the major employee insurance in Singapore and over the world, the cover pays medical bills for the principal member, the spouse, and the children. The health of a worker is core as it is the cornerstone of their productivity and the company at large.
Benefits of medical insurance.
1. Making medical services available and affordable.
Medical services and health checkups are quite expensive, especially when you have to pay from your pocket. For that reason, most companies find it worth insuring their workers hence making the services affordable, even in times of emergencies.
2. Wide medical coverage.
The cover involves the member and their nuclear family, and sometimes it may stretch out to cover even the elderly parents of the principal member. This helps to cure even the psychological problem an employee may be going through when they have an ill member of the family, this is because the cover may cater for huge medical bills incurred during the treatment process.
3. Quality health services.
Quality health services are one of the best gifts an employer can offer to their employees, this involves treatments and regular medical checkups which are all covered by the medical insurance cover.
4. Hospitalization overage.
In a situation where an employee has been hospitalized, the cover caters both pre and post-hospitalization expenses.
Life insurance cover is one of the common employee insurance in Singapore. The cover entails compensation of the family of the employee in case of death of the principal member. It is also a great deal to the employer as they don’t continue paying monthly premiums to the employee’s family in times of death.
Most companies in Singapore have also embraced employee retirement plans, this acts as a great thank you for long service to the company. It has acted as a motivation factor to most employees hence realization of the overall benefit to the company due to increased output.
Disability insurance cover.
Sometimes an employee may be temporarily or permanently disabled while in line of duty, this can be as a result of illness or accident. Disability insurance cover compensates the disabled member whether still able to continue working or quits the work.
Singapore has been proven to be one of the fastest developing cities, this is due to the vast growth of both services and goods industries. The growth of the industries is highly linked with the good working environment created through employee insurance in Singapore.