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What are Employee Benefits?
Employee benefits are often seen as a way to attract and retain top talent. They can include things like health insurance, dental and vision coverage, paid time off, and retirement plans. Some employers also offer perks like gym memberships or tuition reimbursement. Offering these benefits can help employers attract and retain the best employees.
Why companies in Malaysia offer employee benefits?
Companies in Malaysia offer employee benefits for a variety of reasons. One of the most important reasons is to attract and retain talented employees. In a competitive marketplace, employee benefits can be a key differentiator when it comes to attracting and retaining top talent.
Another reason why companies in Malaysia offer employee benefits is to improve employee morale and motivation. employee benefits can help employees feel valued and appreciated, which can lead to higher levels of employee satisfaction and engagement.
Finally, employee benefits can help to improve employee health and well-being. By offering benefits such as health insurance, gym memberships, and mental health support, companies in Malaysia can help their employees stay healthy and productive.
What are the top employee benefits offered in Malaysia?
There are a number of top employee benefits offered in Malaysia. Some of the most popular include:
– Health insurance: Many employers offer health insurance as an employee benefit. This can help employees cover the cost of medical care and treatment.
-Wellness programs: Some employers offer wellness programs as an employee benefit. These programs can help employees stay healthy and fit.
– Retirement savings plans: Employees may be able to save for retirement through employer-sponsored retirement savings plans. These plans often offer tax benefits and can help employees save for the future.
– Paid time off: Employees may receive paid vacation days, sick days, and holidays as part of their employee benefits package. This can help employees balance work and personal life.
– Childcare assistance: Some employers offer childcare assistance as an employee benefit. This can help employees with the cost of childcare and provide peace of mind knowing their children are being cared for while they are at work.
– Employee discounts: Many employers offer employee discounts on products and services. This can help employees save money on everyday purchases.
Top employee benefits providers in Malaysia
AIG Malaysia is one of the leading employee benefits providers in Malaysia. They offer a wide range of employee benefits, including medical, life, and personal accident insurance. They also have a team of experienced financial advisers who can help employees plan for their retirement.
Axa Affin also has a strong focus on providing excellent customer service, and has a team of experienced and knowledgeable staff who are always ready to help. Employees can easily get in touch with the company via phone, email, or live chat.
Cost of Employee benefits program in Malaysia
The cost of an Employee benefits will vary depending on the provider, the size of the company, and the services offered.
A small company with 50 employees may spend RM 10,000 per year on their employee benefits program. A large company with 500 employees may spend RM 100,000 per year on their employee benefits program. The cost of an employee benefits program also varies depending on the type of benefits offered. For example, a company that offers health insurance as part of their employee benefits program will have a higher cost than a company that does not offer health insurance.
MantraCare is one of the most cost-effective employee benefits provider with plans starting at $3 per employee.