Singapore Employee Benefits
Employee benefits are a form of non-wage compensation offered to an employee in addition to their salary. One of the most common employee benefits is private medical insurance, though companies these days have to offer more than that to attract and keep top talent.
Employee benefits plans can help improve employee wellbeing and satisfaction. Benefits can include anything from vision care plans and company car allowance to flexible work hours and wellness programs.
What are the main features of Singapore employee benefits plans?
The main features of employee benefits plans in Singapore, and across the globe for that matter, are often as follows:
Group health insurance
Comprehensive group health insurance is the foundation of a successful employee benefits package. This type of insurance can cover an array of benefits, including:
- Inpatient/outpatient care
- Dental care
- Maternity care
- Vision care
- Direct billing
- Private hospital access
- Different levels of geographic coverage
Wellness programs and packages
Wellness programs and packages are becoming an increasingly popular employee benefit. Aside from boosting your employees’ health, they can be an essential way to increase productivity.
Wellness plans can feature a variety of benefits, such as:
- Health screenings
- Health seminars
- Access to Employee Assistance Programs
- Smoking cessation programs
- Company sports events
Disability and group life insurance
Providing the right disability and group life insurance ensures that your employees will have a safety net regardless of what happens to them. Group life insurance plans feature a wide selection of options and add-ons to offer coverage for accidental death and dismemberment along with disabilities and critical illness.
Disability insurance, which is an important part of any employee benefits package, provides protection in the event that he or she cannot go to work because of a serious injury or illness. The two main types of disability insurance include short- and long-term disability.
Finding the best employee benefits providers in Singapore
As a leading employee benefits broker, Pacific Prime Singapore works with the top employee benefits providers in the country, many of which are also the top insurance companies in the world.
Along with working with the major employee benefits providers on the market, we also possess all the necessary expertise to help you create and implement an employee benefits package that fits your needs and budget. Our broker framework method involves three steps:
Designing the ideal employee benefits plan involves a thorough consultation process that takes a close look at your company’s needs, requirements, and objectives.
The right insurance providers and policies are chosen for our clients to review using the most rigorous annual benchmarking process among insurance brokers.
We offer plan management on a continuous basis, with dedicated local support for claims, benefits, and accounting communication throughout your policy’s entire lifetime.
What are the best ways to design and implement employee benefits plans in Singapore?
When it comes to attracting and retaining top talent, one of the best things you can do is implement the ideal employee benefits plan. There are certain steps that you need to follow if you want to do it successfully. Luckily, Pacific Prime’s Structuring an Employee Benefits Plan guide teaches you how to do just that - for free!
Looking for employee benefits advice?
The growing diversity of today’s modern workforce makes the ability to choose from various employee benefits perks incredibly desirable. Speak to our employee benefits advisors at Pacific Prime Singapore today to receive professional advice on various benefits as well as design and secure the ideal plan for your business from the best employee benefits providers in Singapore.