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EMPLOYEE BENEFITS

Insurance benefits for employees as explained by Red Cover Life Planning 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.

For employers:

  • 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

For employees:

  • 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:

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Four common types of Employee Benefits

Medical insurance

These 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.

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Life insurance

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.

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Disability Insurance

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.

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Retirement Benefits

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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Get Insurance Advice

Contact our Life Insurance Planner who is familiar with the procedure involved in different hospitals.  Get in touch with us to understand the hospital admissions guide, procedure and insurance coverage.

Be advised correctly.  Call us today at +6012 684 0948.

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Insurance Benefits for Employees
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Insurance Benefits for Employees
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Insurance Benefits for Employees as explained here may include group insurance. 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.
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Red Cover
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Levine Lee

Life Planner at Red Cover Life Planning
Levine Lee is an expert AIA insurance agent and life planner. She has over 12 years of working experience with AIA and ING Insurance as an insurance agent and life planner.This makes her efficient and effective to manage clients for AIA Group Insurance Plans, AIA Life Insurance and AIA Takaful policies.Based in the Klang Valley in Malaysia, Levine serves her customers all over Malaysia, as they move between cities because of job changes.

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