Tag: employee-welfare
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Understanding the Impact: Projected 12% Rise in Singapore Medical Insurance Costs for Corporate Health Benefits
Navigating employee health benefits is becoming increasingly challenging for companies with headcount in Singapore and around the region. With a projected 12% rise in medical insurance costs for 2025, it is essential for HR professionals and decision-makers to begin planning now. This increase poses risks not only to budgets but to employee satisfaction as well.…
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Guarding Against the Unexpected: Insights from the Tipsy Collective Legal Battle
Recently, there was a legal tussle between the shareholders and co-founder (Mr David Gan) of homegrown F&B company Tipsy Collective, after the other co-founder (Mr Derek Ong) passed on unexpectedly in 2023. The wife of Mr Ong sold his shares to the other shareholders, which resulted in them holding majority shares in the company. The…
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Rising Dental Costs in Singapore: How Insurance Can Help
Singapore residents are facing a double whammy: rising dental care costs and stagnant dental benefits. This can lead to a significant financial burden, especially for those who require regular dental checkups or complex procedures. Here’s a quick rundown of the situation: This is where dental coverage in your company’s group insurance can play a crucial role. Here’s how MAKinsure…
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Changes to Foreign Workers Medical Insurance – Jul 2023
With effect from 1 July 2023, the requirement by Ministry of Manpower (MOM) to maintain adequate medical insurance for foreign workers on work permits have increased from S$15000 to S$60000 per year. Also, employers are subjected to a 25% co-payment for any claims above S$15000, up to the annual limit of at least S$60000. On…
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Contractor Hiring Ban
Waterproofing contractor Le Fong Building Services was barred from hiring foreign workers for a period of 3 months after one of its employee fell through a roof more than 8m high and sustained multiple bodily injuries. The incident happened after the worker stepped on a skylight panel which broke. Upon inspection, Ministry of Manpower (MOM)…
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Workplace Fatalities 2021
In a press release, the Ministry of Manpower (MOM) published the figures on workplace safety for 2021. In total, there were 37 fatalities, comparable to that in 2019 before Covid-19 hit. There were also about 610 incidents which resulted in major injuries, a slight drop compared to 629 in 2019. Even so, the incident rate…