Singapore firms offer financial support for staff amidst COVID-19

Singapore companies are stepping up to offer coverage and financial support for their employees amidst the COVID-19 outbreak.
By: | February 19, 2020

Some Singapore companies are offering insurance coverage as well as financial support for its employees in light of the COVID-19 outbreak.

The city-state is one of the worse-hit countries with over 70 cases so far, although no deaths have yet been reported. And with the country’s Disease Outbreak Response System Condition (DORSCON) status being changed from ‘green’ to ‘orange’, a few organisations have introduced measures to help support their staff and customers during these difficult times.

Let’s take a look at what some companies in Singapore are doing:

AIA Singapore

One of the largest insurers in Singapore, AIA has announced they will offer free insurance coverage for its employees.

The coverage will include hospitalization income benefit which provides employees with a lump sum payment of SGD$1,000 should they be warded due to the COVID-19.

On top of that, should death occur because of the virus, an additional SGD$25,000 will be paid out.

“The well-being of our customers, employees and tied representatives are important to AIA Singapore,” said Patrick Teow, chief executive officer at AIA Singapore.

“We are committed to journeying with them, protecting them through good and bad times as well as ensuring they have peace of mind when they most need it.”

The extra coverage will be valid till December 31 this year, or 30 days after the DORSCON level is being downgraded to ‘green’ – whichever is earlier.

China Life Insurance

China Life Insurance Singapore will be providing financial support of up to SGD$86,600 to its customers (of which over 90% are Singapore residents) and also providing the required financial support to its employees, who will receive a lump sum payment of SGD$8,000 if they are diagnosed with COVID-19 and SGD$80,000 if death occurred due to the disease.

“In this challenging time amidst the virus outbreak shrouded with uncertainties, it is critical that we as a life insurer do our part to serve the community by providing financial support to those affected by the coronavirus outbreak in Singapore,” Lin Xiangyang, China Life Insurance Singapore Chief Executive said.

The coverage could also end 30 days after the DORCON level is reduced to ‘green’ or when the total payout reaches SGD$620,000 – whichever is earliest.

Prudential Singapore

Prudential will provide its employees and their immediate family members who are served with Quarantine Orders (QO) a one-time SGD$500 cash benefit. Employees and their immediate family members who are hospitalised for COVID-19 will receive a SGD$200 daily hospitalisation allowance, for up to three months of hospitalisation. These benefits are applicable to COVID-19 cases that emerge during the period of January 23 to June 23.