Flexibility for Portable Medical Benefits Scheme preferred: MP Teo Siong Seng
Member of Parliament Teo Siong Seng has raised concerns on the flexibility of the proposed Portable Medical Benefits Scheme in Parliament today.
Under the scheme, a company makes contributions to an employee's Medisave account, and the employee can, in turn, use the funds to buy MediShield Life, or an Integrated Shield Plan offered by a private insurer.
The Singapore Business Federation Chairman, says that that with enhanced benefits provided under MediShield Life, businesses review their employer-provided medical benefits to minimize duplication in coverage and benefits.
He adds that employers may still regard their group medical benefits to be more tailored to their staff profile, cheaper, and see it as part of a complete package to attract and retain talent.
Mr Teo also registered his concerns regarding pressures on employers to provide subsidies on MediShield Life premiums after the initial transitional period of four to five years.
"We should take note that many businesses, especially the SMEs, are currently undergoing economic restructuring, and having to manage increase in wages and rentals. As it is, manpower cost is already a top cost component for SMEs."
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