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Employee benefits are a set of perks that are given to employees in addition to their salary. These benefits can include health insurance, retirement plans, paid time off, and other types of insurance. Many companies offer these benefits as a way to attract and retain top talent. They can also help to improve employee morale and increase productivity.
Why companies in Singapore offer employee benefits?
Employee benefits are a popular employee perk in Singapore. They can help to attract and retain top talent, and improve employee satisfaction and productivity. There are many different types of employee benefits that companies can offer, but some of the most popular ones include health insurance, housing allowance, transportation allowance, and education benefits. Employee benefits can be an important part of your employee retention strategy, so it’s important to choose the right ones for your company.
What are the top employee benefits offered in Singapore?
There are many top employee benefits offered in Singapore. Some of the most popular ones include:
1. Health insurance: This is one of the most important employee benefits, as it helps to protect employees from high medical costs.
2. Retirement plans: Employees in Singapore are often entitled to retirement benefits, such as a pension or annuity. This can help to provide financial security in retirement.
3. Paid leave: Employees in Singapore are entitled to paid leave for vacation, sick days, and other personal reasons. This can help to improve work-life balance and reduce stress levels.
4. Employee discounts: Many companies offer their employees discounts on products and services. This can help to save money on everyday expenses.
5. Job security: Employees in Singapore often have job security, as there are many laws in place to protect their rights. This can provide peace of mind and a sense of stability.
6 Wellness programs: Many companies offer wellness programs, such as gym memberships and health screenings. This can help employees to stay healthy and improve their overall well-being.
7. Childcare benefits: Some companies offer childcare benefits, such as subsidies or on-site daycare facilities. This can help working parents to balance their responsibilities.
Top employee benefits providers in Singapore
Bupa is one of the largest employee benefits providers in Singapore. They offer a wide range of health, dental, and optical benefits, as well as life insurance and personal accident cover.
NTUC Income is another major player in the employee benefits space. They offer a comprehensive suite of products, including health, life, and personal accident insurance. They also have a wide range of investment products, including unit trusts and shares.
Cost of Employee benefits program in Singapore
The cost of an Employee benefits will vary depending on the provider, the size of the company, and the services offered.
For smaller programs, the cost may be around $100 per person per year. For larger programs, the cost can be upwards of $1,000 per person per year. The cost of these programs includes both the direct costs (such as premiums) and the indirect costs (such as administrative costs).
MantraCare is one of the most cost-effective employee benefits provider with plans starting at $3 per employee.