Singapore is one of the most sought-after destinations for international job seekers. However, getting hired in Singapore as a foreigner can be a challenging task. One of the crucial factors that employers consider while hiring foreign workers is the local hiring insurance. In this article, we will discuss everything you need to know about local hiring insurance in Singapore.
What is local hiring insurance?
Local hiring insurance is a type of insurance that employers in Singapore need to purchase when they hire foreign workers. This insurance covers the foreign workers against work-related injuries and illnesses, and also provides medical benefits and compensation for death or disability.
Why is local hiring insurance important?
Local hiring insurance is essential for both employers and foreign workers. For employers, it is mandatory by law to purchase this insurance. Failure to do so can result in hefty fines and legal consequences. For foreign workers, this insurance provides them with financial protection in case of any work-related accidents or illnesses.
Types of local hiring insurance
There are two types of local hiring insurance in Singapore - the Work Injury Compensation Insurance (WICA) and the Foreign Worker Medical Insurance (FWMI). WICA covers work-related injuries and illnesses, while FWMI covers medical expenses for non-work-related illnesses and injuries.
Who needs local hiring insurance?
All employers in Singapore who hire foreign workers need to purchase local hiring insurance. This includes employers who hire foreign domestic workers, construction workers, and professionals.
How much does local hiring insurance cost?
The cost of local hiring insurance varies depending on the type of insurance and the number of employees. Generally, the cost of WICA is around 1-3% of the employee's salary, while the cost of FWMI is around $15-25 per month per employee.
How to purchase local hiring insurance?
Employers can purchase local hiring insurance from any of the approved insurers in Singapore. The Ministry of Manpower (MOM) has a list of approved insurers that employers can choose from.
What happens if an employer fails to purchase local hiring insurance?
If an employer fails to purchase local hiring insurance, they can face legal consequences and fines. MOM has the authority to take legal action against such employers.
Conclusion
In conclusion, local hiring insurance is an essential requirement for employers in Singapore who hire foreign workers. It provides financial protection to foreign workers and ensures compliance with the law. Employers should ensure that they purchase the right type of insurance and from an approved insurer to avoid any legal consequences.
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