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What are employee benefits?
Employee benefits are any perks or privileges that are given to employees in addition to their regular salary and wages. These benefits can include health insurance, retirement plans, paid vacation days, and much more. The decision of which benefits to offer is up to the employer; however, offering competitive benefits is often essential for attracting and retaining top talent.
What are the reasons that companies in Malaysia offer employee benefits?
There are a number of reasons why companies in Malaysia offer employee benefits.
One of the most important reasons is to attract and retain talent. In a competitive labor market, employees are looking for companies that offer not only competitive salaries but also good benefits. By offering benefits such as health insurance, housing allowance, and transportation allowance, companies in Malaysia are able to attract and retain the best talent.
Another reason why companies offer employee benefits is to improve employee productivity. Studies have shown that employees who are happy with their benefits package are more productive at work. This is because they feel that their employer cares about their well-being and is willing to invest in their development. When employees feel valued by their employer, they are more likely to go above and beyond to meet targets and deadlines.
Finally, offering employee benefits is simply good business practice. It shows that a company is committed to the welfare of its employees and is willing to invest in their long-term growth and development. This commitment often leads to improved customer satisfaction levels as employees are better able to provide quality service when they feel supported by their employer.
What are the most common employee benefits offered in Malaysia?
As an employer, it’s important to offer benefits that will appeal to your employees and help retain top talent. While there are many different benefits you can offer, some are more popular than others. In Malaysia, the top employee benefits include:
1. Wellness programs – Employees are increasingly interested in wellness programs that help them improve their health and well-being. Offerings like on-site gyms, fitness classes, and health screenings can help attract and retain top talent.
2. Flexible work arrangements – With more and more people valuing work/life balance, offering flexible work arrangements is a great way to appeal to top employees. Options like telecommuting, flex hours, and compressed work weeks can make your company more attractive to the best candidates.
3. Childcare assistance – For employees with young children, childcare assistance can be a deciding factor when choosing a job. By offering subsidies or on-site childcare, you can make your company more family-friendly and attractive to top talent.
4. Generous vacation time – Malaysian workers value their vacation time, so offering generous vacation allowances is a great way to appeal to top employees. Consider offering more vacation days than the standard industry norms to make your company stand out.
5. Employee discounts – Everyone loves a good discount, so offering employees discounts on products or services is a great perk. This benefit can help attract and retain employees who are looking for ways to save money.
Is Employee health insurance a mandatory employee benefit in Malaysia?
Employee health insurance is a mandatory employee benefit in Malaysia. All employers must offer their employees health insurance, and employees must take out the appropriate policy. The government provides a number of subsidies to help employees pay for their health insurance premiums. Employees who do not have insurance may be required to pay a fine of up to RM5,000 (US$1,500).
What is the cost for employee benefits package in Malaysia?
The cost of Employee benefits will vary depending on the provider, the size of the company, and the services offered.
The average cost of an employee benefits program in Malaysia is RM1,200 per year. This includes costs for health insurance, retirement savings, and other benefits.
MantraCare offers the most comprehensive and cost-effective employee benefits program starting at $3 per employee.
Who are the top employee benefits providers in Malaysia?
AIA Group is one of the largest employee benefits providers in Malaysia, offering a wide range of services and products to employees. Some of the benefits that they offer include health insurance, life insurance, retirement planning, and more. They also have a wide network of partners and providers, so you can be sure that you’ll be able to find the right plan for your needs.
Prudential is one of the top employee benefits providers in Malaysia. The company offers a wide range of employee benefits, including health insurance, life insurance, and retirement planning services. Prudential has a strong presence in Malaysia, with over 20 years of experience in the market. The company is well-known for its excellent customer service and competitive prices.
MantraCare is the top employee benefits solution provider in Malaysia. They help design the benefits plan and execute the same with the HR. They offer comprehensive employee benefits programs that promote physical and mental well-being.
Their services include EAP, corporate yoga, physical therapy, chronic condition reversal (for diabetes & hypertension), meditation, work counseling, and more.
In which cities can MantraCare offer Employee Benefits Packages in Malaysia?
- Kuala Lumpur
- Seberang Perai
- Petaling Jaya
- Johor Bahru
- Shah Alam
- George Town
- Subang Jaya
- Ipoh
- Seremban
- Iskandar Puteri
- Kuantan
- Kota Kinabalu
If you are a company in Malaysia, looking to implement an Employee Benefits program, talk to employee benefits experts at Mantracare: Schedule a Call >