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Medical Insurance Coverage of at least $60,000 for Maids, Migrant Workers from 1 July 2023
Image/article credits: Straits Times dated 31 March 2023 Ministry of Manpower (MOM) is set to increase the medical insurance coverage for foreign workers, including domestic helpers, with an annual claim limit of at least $60,000, up from the current $15,000. The new requirement will take effect on 1 July 2023 (Stage 1) and will help employers cover larger bills and minimise their out-of-pocket expenses as medical costs rise. Under the Employment of Foreign Manpower Act, employers are legally responsible for the cost of medical treatment for their migrant workers. As migrant workers do [...]
Rise in Major Injuries Could Lead to Increased Business Cost
The Rise in Major Injuries could have Significant Financial Implications for Businesses In reference to the article in The Straits Times dated 20 Jan 2023, the Ministry of Manpower (MOM) in Sep 2022 introduced a six-month heightened safety period to address workplace safety concerns. Despite this, recent figures show that the number of major injuries has actually risen during this period. According to MOM, there was an average of 49.1 major injuries per month from January to August 2022, compared with 55.3 such incidents between September and December. Possible Types of Business [...]
New Entry Requirement – Employers must buy a 14-day COVID-19 medical insurance for Pass Holders entering Singapore from 1 Jan 2021
The Government has thus far borne the COVID-19 medical expenses for pass holders, unless they left Singapore from 27 Mar 2020 despite the prevailing travel advisory. Effective 1 January 2021, the Singapore Government will no longer be covering pass holders. returning to or entering Singapore for their treatment costs if they develop COVID-19 symptoms or test positive within 14 days of arrival in Singapore. This is regardless of when they left Singapore. As employers are responsible for their workers’ (Foreign Domestic Workers, Confinement Nannies, Work Permit, Training Work Permit and S Pass holders) medical [...]
Work Injury Compensation in Singapore
What is Work Injury Compensation Act (WICA)? The Work Injury Compensation Act (WICA) is a statute that enables employees to make claims for work-related injuries or diseases without the need to file a civil suit under common law. If the employee suffers any injury arising from and in the course of employment, his employer shall be liable to pay compensation to the employee or his family accordingly. WICA is a no-fault system and provides a faster and cheaper alternative to settle compensation claims as employees do not need to engage a lawyer. A former version [...]
Business Insurance Every Singapore Business Needs
How Does Business Insurance Work? Business Insurance is catered towards the specific needs of businesses, and the protection of all business assets and interests. Just as individuals seek protection against common risks, businesses also need to be covered against certain risks inherent in the course of operating a business. If you are a business owner, getting started on tailored business insurance is the best investment you can make for your company. There are multiple parties in a business (owners, staff, workers, clients, suppliers, partners). This means that businesses are exposed to a variety [...]
How Business Changes Affect Professional Indemnity
Blog As a business owner, when you take on insurance for your properties, you keep updating your cover based on how much more you acquire. For example, if you insure your first house, won’t you protect the second or third? It is essential to consider how the changes in your business will affect your insurance. Professional Indemnity insurance (PI) or Professional Liability insurance in Singapore is a cover you take to protect you as a professional and your firm from errors that may occur when you provide professional service and advice. This policy [...]
