Please enable JavaScript.
Coggle requires JavaScript to display documents.
Employee Benefit - Coggle Diagram
Employee Benefit
NON-STATUTORY BENEFITS
Loans to buy houses, cars and others such as computers may be given, usually with lower interest rates than in banks
Some large companies negotiate with financial institutions to offer personal loans to employees at competitive rates
-
In plantation industry, free housing, electricity, water supply
Canteens and transport to and from work, childcare facilities, club membership, holiday resort accomodation
Employers in towns & cities build / rent hostel for workers especially if workforces mostly young females and foreign labors
-
-
-
-
-
uncommon to extend this benefit to family members in Malaysia employer though it is a norm to some other part of country
Employers commonly buy life and accident insurance group policies, which are usually combined with medical benefits, to protect their employees.
-
-
- Educational Fee Assistance
-
If employee wish to attend any training courses after working hours related to the job, company may pay the fee for the course
-
-
Some companies negotiate with local universities to offer customized postgraduate in-house course to executives and managers. Fees may be shared between employer and employees
-
-
-
FACTORS THAT MUST BE CONSIDERED WHEN DESIGNING BENEFIT SCHEME (Martocchio, 2003)
-
- Eligibility and waiting periods
-
-
-
-
- FIxed package or employee choice
STATUTORY BENEFITS
-
-
-
-
During maternity leave, maternity allowance is payable to the employee providing
-
-
This allowance is payable even if employee resigns from her employment within 4 months of her confinement providing she has informed her employer of her impending confinement
Typically, employers will pay maternity bills up to a preset amount, which may increase if employee required to undergo Caesarean operation
Public holidays
-
-
Sect. 60 Employment Act : all workers under this act entitled to minimum 11 paid gazette public holidays per year
For those covered by Sabah Ordinance, must be provided with 14 public holidays per year
For those covered by Sarawak Ordinance, must be provided with 16 public holidays per year
Annual leave
-
Employee shall be paid an amount equivalent to his ordinary rate of pay for each annual leave not taken if the employee is terminated
Employee may forfeit their annual leave if he/she absent without permission or reasonable excuse for more than 10% of the working days in a year
A weekly rest day
-
When employees work on a rest day, they are entitled to premium rates of pay
-
- The Employment Provident Fund (EPF) Act
Purpose : to ensure every worker has sufficient funds to sustain him/her once retired upon reaching minimum retirement age of 60
Currently, employees permitted to withdraw savings from the fund at 55 years old, even though working
Established as a form of compulsory savings system for workers, so them and families won't be impoverished and dependent on the state once they retire
Any employer who fails to register with EPF board is liable to imprisonment up to 3 years or fine up to RM10000 or both
Covers
-
Before 1/8/1998
Expatriats and foreign workers not required to contribute, but can choose to
-
-
-
- The Employees Social Security Act 1969
-
-
-
-
The principle of ‘once in, always in'
-
Does not cover
-
-
Domestic servants in private dwelling house (cook, gardeners, house servants, watchman, washer woman, driver)
-
-
-
REWARD SYSTEMS
-
Human Resource manager's job (Ventrice, 2003)
-
-
2 Types
Non-Financial Rewards
Letters of Appreciation
For good work, preferably signed by at least a Head of Department or higher ranking manager
Sponsorship to Seminars, Conferences and Overseas Tours
Performance Awards
Awards can be merely a certificate or may also involve cash prize, or a souvenir item (of some value such as a gold bar).
Winners given publicity through in-house journal, photographs, write-up company notice boards, special prize giving ceremony at which senior company executives are present
‘Worker of the Month’, ‘Most Promising Executive'
-
-
-
BENEFITS CLASSIFICATION (Martocchio, 2003)
-
-
-