Foreign Worker Medical Insurance (FWMI) is a mandatory insurance policy that covers foreign workers in Singapore for medical expenses related to their employment. The policy has a significant impact on the employment of foreign workers in Singapore. Here’s what you need to know.
It’s Requirement for Employment
If you’re a foreign worker in Singapore, your employer is required to purchase FWMI coverage on your behalf. Without this coverage, your employer may be fined or even prosecuted for non-compliance with Singapore’s employment laws.
Employers Pay for FWMI
Although FWMI coverage is mandatory for foreign workers in Singapore, the cost of the policy is typically borne by the employer. This is one of the expenses that employers must account for when hiring foreign workers.
FWMI Affects the Hiring of Foreign Workers
The cost of FWMI coverage can affect the hiring of foreign workers in Singapore. Some employers may be reluctant to hire foreign workers due to the additional expenses associated with FWMI coverage, while others may choose to hire foreign workers due to their lower wages.
FWMI Can Impact the Wages of Foreign Workers
The cost of FWMI coverage can also impact the wages of foreign workers in Singapore. Some employers may deduct the cost of FWMI coverage from the wages of foreign workers, reducing their take-home pay.
FWMI Coverage Requirements Can Vary
Although FWMI coverage is mandatory for foreign workers in Singapore, the coverage requirements can vary. Some employers may choose to purchase a policy with higher coverage limits to provide additional protection to their foreign workers.
FWMI Covers Work-Related Injuries and Illnesses
FWMI coverage provides protection to foreign workers in the event of work-related injuries or illnesses. This can be a significant benefit to foreign workers, who may be unfamiliar with the healthcare system in Singapore.
FWMI Can Help Protect Employers
In addition to protecting foreign workers, FWMI coverage can also help protect employers. In the event of a work-related injury or illness, FWMI can cover the cost of medical expenses, reducing the financial burden on the employer.
FWMI Can Provide Peace of Mind
FWMI coverage can provide foreign workers with peace of mind, knowing that they are covered in the event of a work-related injury or illness. This can help alleviate some of the stress associated with working in a foreign country.
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