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Employee Benefits (Purpose of Flexible Benefits Scheme (Improvement in…
Employee Benefits
Purpose of Flexible Benefits Scheme
Improvement in quality of work life
Enhancement in productivity through increase in loyalty and motivation
Appreciation of the value and cost of each benefit
Better understanding of the cost and value of the benefit programme
Types of Flexible Benefits
Cafeteria Plans
Usually for large number of employees
Employees have their own 'Flex Credit' to purchase coverage
Design plans based on their own needs and credits
100% employer paid
Core Plus Plans
Compulsory level of coverage for key benefits
Employees pay a percentage of the additional coverage cost that they can buy
Allows employee to buy additional coverage at discounted price
Traditional Plan with Flexible Options
Add options to purchase more coverage at group rates or have a “bank account” of dollars to use on health/dental expenses
Modular Plans
Simplest Flex Plan
Flex dollars are assigned by employer
Employee chooses from 3 different plans
Types of employee benefits
Legally Required Benefits
CPF Act
Work Injury Compensation Act
Employment Act
Workplace Safety and Health Act
Voluntary Benefits
Life Insurance
Healthcare Benefit
Premium Pay
Employee Services
Payment for time worked
Definition of employee benefit
Various non-wage compensations in addition to employees' normal wages/salaries