Measures to enhance employees' financial wellness
Apart from providing financial education to your employees, you may also consider
enhancing the fina...
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06/09/2018
Apart from providing financial education to your employees, you may also consider enhancing the financial wellness of your employees by introducing elements below in your company:
- Explore corporate benefits programmes that local businesses may be able to offer savings to your employees, such as travel and entertainment discounts, home appliances and restaurants promotions, etc.
- Take additional steps to be a caring employer in your employees’ MPF contributions, e.g. offer more than one MPF scheme, consider making voluntary contributions on top of the mandatory 5% - you may visit the MPFA’s website to learn more
- Consider providing or enhancing the group life and health benefits:
- Life insurance - helps look after your employees' dependents in the event of their death
- Medical insurance – there are inpatient and outpatient plans that help cover the medical expenses of your employees and their loved ones
- If you are already providing group life and health benefits to your employees, you may negotiate for a discount with your insurance service providers regarding other voluntary benefits, e.g. top-up insurance plans and portable coverage on retirement, to be paid by the employees.
- Offer employees, such as individuals who are nearing retirement or experiencing a new chapter in their life like getting married or having a baby, access to a financial adviser
- Offer an employee assistance programme (EAP) which provides confidential counselling services to help your employee with stress and money problems
- Educate HR staff about the importance and elements of workplace financial wellness. Some professional bodies (e.g. IFPHK ) offer related training which the employers may consider encouraging their HR staff to join