Workmen Injury Compensation Insurance

In accordance to the Workmen Injury Compensation Act, every business entity need to get Workmen Injury Compensation Insurance for all eligible employees. In this article, we’ll dissect the detail of this insurance which commonly referred as WICA.

Who should be insured?

  • All employees doing manual work, regardless of salary level.
  • All employees doing non-manual work, earning a salary of $2,600 or less a month, excluding any overtime payment, bonus payment, annual wage supplement, productivity incentive payment and any allowance.

What should it covers?

Minimally, it should covers stipulated requirement as transcribed by MOM in these three categories:

  • Medical leave wages for days you were issued with medical leave or light duty, due to the work injury or disease.
  • Medical expenses, including your hospital bills, medication and other charges, due to the work injury.
  • Lump sum compensation for permanent incapacitycurrent incapacity or death.

Why some insurer covers common law coverage?

As employees are allowed to seek a legal recourse in the Court if they are not satisfied with the default compensation computed based on WICA calculation, this avenue would be administered in accordance to the common law with Singapore High Court / State Court.

However, employee may not revert back to WICA once they had decided to go for Common Law with the Singapore Court.

WICA vs Common Law?

You may read the full comparison here.

Why is my premium more expensive that other companies?

The premium largely depend on the nature of business, number of headcount as well as the occupation/tasks of each employees, it might not be always an apple-to-apple comparison.

Lastly, where could I purchase a Workmen Injury Compensation Insurance for my business entity?

  • You may contact the undersigned via the ‘Contact Me’ button at the bottom of this page.

 

For more information, please refer to MOM Website

 

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

Fendy hails from a family who value entrepreneurship, where he understands that ones’ finance is ones’ responsibility. He follow suit after leaving his decade-long career in construction industry, becoming a Financial Advisor, an Entrepreneur and a Content Creator.

Prior to joining this career, Fendy had lost his Mom and Dad to Cancer and Heart Attack, respectively. Having a first hand experience on how devastating that was financially and emotionally, his main goal is to “Leave no Life Unprotected”

With his creative traits and his warm personality, rest assured that your needs always comes first at the best possible way. No doubts on the level of advices and services delivered as testified by his clienteles.

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