Group insurance benefits for employees especially regarding employee benefits in Malaysia, retirement benefits and including non-medical benefits, like life, dental and disability insurance.
Insurance Benefits for Employees
Employee benefits are optional and non-wage compensation provided to employees in addition to their regular salary. It includes health, dental, vision, life and more.
There is also disability income protection plan, retirement benefits, childcare, tuition reimbursement, sick leave, vacation, education funding, and flexible and alternative work arrangements.
The purpose of medical benefits for employees in Malaysia is to improve the economic security of staff members, and thus, improve the retention of employees throughout the organisation. Therefore, it is a reward management component.
- By providing greater access and flexibility to employee benefits, employers are not only able to recruit but retain qualified employees.
- Benefiting employees is seen as managing high-risk coverage at low cost and easing the financial burden of the company.
- Employee benefits have proven to increase productivity as employees are more effective with they are assured of themselves and their families.
- Premium is tax deductible as a corporate expense, which means savings for the organization
- Employees or workers can experience peace of mind leading to increased productivity and satisfaction with confidence that they are their families covered in any accidents.
- Employees with life insurance and personal impairments can enjoy additional coverage including income replacement in the event of serious illness or serious disability.
- Employees can feel pride in their employers if they are satisfied with the coverage they receive.
Advantages of Medical Benefits for Employees in Malaysia
With the highly competitive sector and the number of new employees entering the labour force are diminishing, employers are challenged to be more creative and responsive in design, time and generosity of its benefit plans.
Here are some advantages to offering medical benefits for employees in Malaysia:
Four common types of Employee Benefits
These Group Health and Surgical (GHS) plans can cover hospital visits, doctor visits, surgeries, prescriptions and possibly vision and dental. As the employer, you will cover the majority of the premium.
If your employee dies, this benefit will provide financial payments to the employee’s named beneficiaries; these benefits can help that person’s family to cover funeral costs and ongoing living expenses. These Group Term Life (GTL) and Group Personal Accident (GPA) plans are taken for these situations.
You can choose to offer short-term and long-term disability insurance. If your employee is injured or has a lengthy illness, this benefit provides payment during the period your employee cannot work. These are the GTL plans. The company can add on Critical Illnesses Plans riders to these GTL plans.
The most common type is which allows employees to deduct a certain amount of each paycheck to put towards retirement savings. Some businesses choose to match that deduction amount.
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