Compulsory Insurances for Employees

Ministry of Manpower (MOM) has mandated certain basic insurances that a business entity, regardless of the form of business, ought to purchase for their eligible employees. Here are the basic insurances and its respective Act which governs it:

  1. Work Injury Compensation Insurances (covered under Work Injury Compensation Act) – commonly referred as WICA
  2. Foreign Worker Medical Insurance (covered under Employment of Foreign Manpower Act) – commonly referred as FWMI

WICA vs FWMI

While both might be overlapping on some instances, they are vastly difference in nature of the insured perils/events and shall not thus will not be substituting each others. A point to note that having one also does not exempt your business from the requirement for the other.

Do note that for any claims that fall under the Work Injury Compensation Act, they must be claimed under the Work Injury Compensation Insurance(WICI) first before any other relevant policies.

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Fendy Susanto

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