Benefits for your local employees

As SME business owners, you would want to take care of your employees by rendering other staff benefits besides base salary and cpf (as applicable), as well as balance the operating expenses. Things like health, safety and medical insurance, whether it’s mandatory or non-mandatory, play a role in keeping your key assets, .ie. human capital with you.

In an increasing VUCA environment, employees are also increasingly health conscious, having their and their family health and wealth protected since young. Especially with personal Medshield life (mandatory government health insurance for all citizens/PR), Healthier SG initiative health screening, Screen for Life for eligible Singaporeans, IPs etc to protect themselves from large hospital bills which are readily available from different insurance providers.

So how do business owners differentiate your health and wellness benefit offering to your employees without overlapping the health protection needs of your employees? Lifestyle like gym or wellness membership, subscription fees for entertainment or education, aesthetic appeal like dental benefits, etc can be considered on a capped reimbursement basis to them.

A cap annual benefit allowance vs sign-on medical corporate plan allow employees flexibility on their choice of benefits/wellness selection and since it’s their personal plan it allows portability, which may be an appeal to your remote or hybrid workforce.

*Note – your accountant may not like you for this since tracking, tax reporting and accrual needed to perform for each employees then become their job!