Measures to enhance employees' financial wellness
Apart from providing financial education to your employees, you may also consider enhancing the financial wellness of your employees by introducing elements below in your company:
- Explore corporate benefits programmes that local businesses may be able to offer savings to your employees, such as travel and entertainment discounts, home appliances and restaurants promotions, etc.
- Take additional steps to be a caring employer in your employees’ MPF contributions, e.g. offer more than one MPF scheme, consider making voluntary contributions on top of the mandatory 5% - you may visit the MPFA’s website to learn more
- Consider providing or enhancing the group life and health benefits:
- Life insurance - helps look after your employees' dependents in the event of their death
- Medical insurance – there are inpatient and outpatient plans that help cover the medical expenses of your employees and their loved ones
- If you are already providing group life and health benefits to your employees, you may negotiate for a discount with your insurance service providers regarding other voluntary benefits, e.g. top-up insurance plans and portable coverage on retirement, to be paid by the employees.
- Offer employees, such as individuals who are nearing retirement or experiencing a new chapter in their life like getting married or having a baby, access to a financial adviser
- Offer an employee assistance programme (EAP) which provides confidential counselling services to help your employee with stress and money problems
- Educate HR staff about the importance and elements of workplace financial wellness. Some professional bodies (e.g. IFPHK ) offer related training which the employers may consider encouraging their HR staff to join