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Employee Benefits-Fixed and Flexible (Employee Benefits (Purpose of…
Employee Benefits-Fixed and Flexible
Employee Benefits
Indirect rewards given to an employee or group of employees for organisational membership
Purpose of Employee Benefits
Increase recruitment success rate
Motivate employees
Minimise union-management conflict
Enhance quality of work life
Improve overall productivity
Improve employee morale
Gain a favourable competitive position in industry.
Fixed Benefits
A Fixed Benefit Plan is a predetermined set and level of benefits, based largely on cost considerations
Types of Fixed Benefits
Legally Required/ Mandatory / Compulsory
The Work Injury Compensation Act
The Employment Act
The Workplace Safety and Health Act (WSHA)
The CPF Act
Voluntary / Discretionary
Payment for time not worked
Healthcare
Life insurance
Employee services
Premium pay
Others
Flexible Benefits
A flexible benefit scheme is any scheme that allows a company’s employees to choose from a range of available benefits
Types of Flexible Benefits
Modular Plans
Core Plus Options Plans
Pretax Salary Reduction Plans
Mix & Match Plans
Gig Economy
The Gig Economy refers to a labour market characterised by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs
MOM Guidelines on Gig Workers
Personal responsibility should remain the core principle.
Strengthen institutional support which SEPs can tap on to address their concerns.
Employment facilitation for those who prefer regular employment