GDPR and Employee Benefits explained in our newly released Guide!
The European Union’s GDPR rules came into effect in May 2018 and dramatically changed the way companies in and outside of the EU handle personal data of EU citizens. What should Human Resources departments in Singapore know when it comes to GDPR compliance? In Employee Benefits sphere, too, there are certain GDPR compliance risks and guidelines on how to handle employee data across a wide range of interests. Understanding how to do it is imperative, as non-compliance can cost companies significant amounts. To help address these concerns, Pacific Prime Singapore’s newly released GDPR and Employee Benefits Guide covers the matter transparently and straightforwardly.
Download our free GDPR and Employee Benefits Guide today to learn in what way Singapore companies are affected by the changes, and how you can mitigate the risks associated with handling employee benefits plans in your organization.
What is GDPR?
The purposes of the GDPR regulation are to ensure the free flow of personal data between the EU Member States, and to introduce rules according to which the processing of personal data is standardized throughout the European Union. GDPR also concerns all businesses who are located outside of the EU but process/handle the data of citizens from the EU.
The importance of GDPR compliance in your firm
Having any employees from the EU employed in Singapore also means the need for compliance with the European Union’s GDPR. Handling personal data of the EU citizen, be it for strictly internal purposes like record keeping and recruitment, or arranging employee benefits and handing the data to the third parties (such as insurers, or insurance brokers) imposes risks to the company.
Administrative penalties for failure to comply with the regulation may amount to up to EUR 20 million or 4% of the total (global) revenue of the company, whichever is higher, or result in a blockage of data, so the stakes for non-compliance are high.
What’s inside our GDPR and Employee Benefits Guide?
Pacific Prime’s latest guide was created as a handy resource for companies who store/process personal data belonging to EU/EEA clients/employees to understand how GDPR laws affect their line of business, especially in terms of handling employee benefits and associated data. In the guide, managers and HR professionals can find answers to most commonly asked questions about GDPR and Employee Benefits compliance, such as:
- What is GDPR and who does it apply to?
- What are the key GDPR terms HR professionals need to know?
- What are the consequences of non-compliance with the GDPR?
- How does GDPR impact global employee benefits plans?
- How can your business mitigate GDPR risks?
- How Pacific Prime can help?
Understanding the risks and ways to comply with GDPR in relations to employee benefits in Singapore is necessary as the fines imposed by the EU can reach you even in Singapore.
Get a copy of our GDPR and Employee Benefits Guide today!
Avoid paying hefty fines or risking losing access to valuable data protected under GDPR by learning more about the regulation and its correlation to EB by downloading Pacific Prime’s free GDPR and Employee Benefits Guide today!
Beyond that, we explain how partnering with a global employee benefits broker, such as Pacific Prime Singapore, can ease many of the GDPR weak points in the employee benefits plan that you are currently offering. Our partners include the most reputed and GDPR-compliant insurers to guarantee that the employee benefits solutions we offer to our clients are compliant and that the employee’s data is adequately protected.
To learn more about how Pacific Prime Singapore can help you, feel free to contact us for a free quote and free, impartial advice today!