BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA

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TABLE OF CONTENTS


1.INTRODUCTION ................................................................................................ 2
2.DEFINITION OF EMPLOYEE BENEFITS .......................................................... 2
3.TYPES OF BENEFITS ....................................................................................... 2
3.1. BENEFITS MANDATED BY LAW ......................................................... 3
3.1.1.Annual paid leave ............................................................................. 3
3.1.2.Working hours ................................................................................... 3
3.1.3.Health and sickness benefits ............................................................ 3
3.1.4.Retirement benefits ........................................................................... 3
3.2.BENEFIT PROVIDED BY THE COMPANY ............................................... 3
3.2.1.Staff loan benefits ............................................................................. 3
3.2.2.Staff allowances ................................................................................ 3
3.2.4.Staff medical ..................................................................................... 3
3.2.5.Staff leave ......................................................................................... 3
3.2.6.Flexible work arrangements .............................................................. 3
3.2.7.Staff education assistance scheme................................................... 3
3.2.8.Other benefits ................................................................................... 3
4.THE CHOSEN BENEFIT .................................................................................... 3
5.WHAT IS FLEXI BENEFIT PLANS? ................................................................... 4
6.THE COMPONENTS OF FLEXI BENEFIT PLANS ............................................ 4
6.1.CORE BENEFITS ................................................................................ 5
6.2.FLEXI POINT ....................................................................................... 5
6.3.OPTIONAL BENEFITS ........................................................................ 5
6.4.FLEXIBLE SPENDING ACCOUNTS (FSA) ......................................... 6





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SECTION A

1. INTRODUCTION

As an employee in Malaysia we will be entitled to a number of rights and benefits,
regardless of nationality or citizenship. It is important that we have a clear
understanding of our full rights and benefits as an employee working in Malaysia.
1


There are some types of employee benefits that are mandated by law, including
minimum wage, overtime, leave under the Family Medical Leave Act,
unemployment, and workers compensation and disability. Furthermore, there are
other types of employee benefits that employers are not required to offer, but choose
to provide to their employees.

2. DEFINITION OF EMPLOYEE BENEFITS

Any type of planned sponsored or initiated unilaterally or jointly by employers or
employees and providing benefits that stem from the employment relationship. It is a
compensation other than an hourly wage or salary such as benefits for death,
accident, sickness, retirement, or unemployment. All benefits and services that are
provided to employees in whole of a part by their employer for time worked.

3. TYPES OF BENEFITS

There are some types of employee benefits that are mandated by law, including
minimum wage, overtime, leave under the Family Medical Leave Act,
unemployment, and workers compensation and disability. There are other types of

1
Employment Act 1955
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employee benefits that employers are not required to offer, but choose to provide to
their employees.
3.1. BENEFITS MANDATED BY LAW
3.1.1. Annual paid leave
3.1.2. Working hours
3.1.3. Health and sickness benefits
3.1.4. Retirement benefits

3.2. BENEFIT PROVIDED BY THE COMPANY
One of the most important components of running a successful business is
keeping employees happy and providing them with enough incentive to maximize
their productivity. While there are different ways to accomplish this, offering your
employees benefits that go beyond the legal requirements tends to be effective.

3.2.1. Staff loan benefits
3.2.2. Staff allowances
3.2.3. Staff official travel
3.2.4. Staff medical
3.2.5. Staff leave
3.2.6. Flexible work arrangements
3.2.7. Staff education assistance scheme
3.2.8. Other benefits

4. THE CHOSEN BENEFIT
We have chosen FLEXI BENEFIT PLANS as our main topic of discussion due to
recent changes in our employee benefits which introduced by our company, Etiqa on
1
st
April 2014. We take this opportunity to get to know the plans by engaging a
dialogue session with the key personnel in our Human Capital Management on 8
May 2014
2
. We have been briefed on the key points related to the Flexi Benefit
Plans which will be explained thoroughly in this paper. We anticipate most of

2
Hazmy Halid, Head Employee Engagement, HCM Etiqa
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employees are not aware of the benefits which may lead to confusion therefore the
beauty of the benefits may be mistreated by them.
5. WHAT IS FLEXI BENEFIT PLANS?
Traditionally, employees were provided by the employer a standard coverage
through out the company which usually on compulsory basis and this practice
remained unchanged for many years. They offer an equal benefits for all staffs,
relatively simple administration, they are easy for employees to understand and offer
the lowest cost possible. The disadvantage is that employees vary widely in their
use of the plan and therefore the value they place on it.

Therefore, to cater these needs, Flexi Benefit Plans was developed with the basic
purpose of providing greater choice to the employees in the late 1980s. This plan
offers broad coverage which includes legally-required benefits, discretionary
benefits, company policies and best practices. At first, this benefit plans were
introduced in our company to cater for assistant managers position and above also
staffs of Information Technology Department back in 2002. Employees are allowed
to tailor their coverage to their own specific needs and can also re-direct the benefit
dollars to the benefit they will use. This limits the subsidization factor of traditional
plans and allows a more equal use of benefit dollars by each employee.

6. THE COMPONENTS OF FLEXI BENEFIT PLANS
A benefit system that provides you with the flexibility of customizing your benefits
package according to your own lifestyle needs. The components of Flexi Benefit
Plans comprises of 4 components as follows (Diagram 1):
Diagram 1: Components Of Flexi Benefit Plans
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6.1. CORE BENEFITS
There are 5 types of core benefits namely:
a. Group Term Life 36 month x salary amount (Core Benefit). Employee allow
to purchase additional month maximum up to 12 months.
b. Group Personal Accident 36 month x salary amount (Core Benefit).
Employee may purchase up to 24 months.
c. Annual leave 21 days for those services less than 5 years. For those who
services more than 5 years, entitled 21 days leave (Core Benefit) and can
purchase up to 4 days.
d. Dental & Vision benefit - RM200 for dental and RM100 for vision (Core
Benefit)
6.2. FLEXI POINT
Each employee will given flexi points accordingly based on their job grade every
early of the year. Additional points are also given to those who are married and
have childs. Employee may purchase optional benefits to suit the life style. The
balance of the unutilized points will be kept in Flexible Spending Accounts
(FSA). The points can be carry forward to 31 December of next year whereas
the unutilized carry forward points will be forfeited by 1
st
Jan of the following
year.
6.3. OPTIONAL BENEFITS
This has a similarity with cafeteria plans where employee were offered many
choice of other benefits such as mobile phone device, domestics helper

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expenses etc. Employees are advised to carefully selected the choices offer by
the company as they are taxable and non-taxable benefits.
6.4. FLEXIBLE SPENDING ACCOUNTS (FSA)
It is a generic term for reimbursement accounts which allows employees to be
reimbursed on a pretax basis for out of pocket health care and dependant care
expenditure.




SECTION B


7. THE RATIONALE OF FLEXI BENEFIT PLANS TOWARDS AN EMPLOYER AND
EMPLOYEE
7.1. Employers most interested in Flexible Benefits are typically due to following
reasons:
7.1.1. To cater workers deferring needs
The benefit offerings to address the different stages in employees lives
can at times be achieved by restructuring the existing benefit plan
spending into more than one modular offering, with different components
that reflect the needs of particular employee demographics. The plan
design can therefore address the desire for cash, vacation time, cars and
career training for those aged 20 to 35; more work/life balance choices,
along with life and medical coverage, for those in their late 30s and 40s;
and more emphasis on pension and medical for those aged 55 and older.
For the young and single, a very basic benefit plan can be offered that
provides some money back for the other things that are important to them.
7.1.2. Retaining existing staffs and attracting new talents
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In the emerging business landscape, flexible benefits have a distinct
advantage for organizations that are determined to attract the generation
of workers who value greater choice in all aspects of their lives.
Implementing a flexible benefit plan that allows more employee choice
was seen as the top benefit strategy for employee retention and
satisfaction
3
.
7.1.3. Competitive advantage
Flexi Benefits Plan allow employees to choose the mix of health insurance
and other benefits that suits their personal needs, while it increases the
employers control over total benefit spending. The cost-shifting aspect of
flexi plan can reduce employer expenditures as health care costs continue
to rise. For instance, several companies in Singapore, Malaysia, Hong
Kong, Taiwan, China and Thailand have implemented Flexi Benefits plan
that can be a powerful weapon in a strategic business collection, providing
Asias organizations with a truly competitive edge.
7.1.4. Costs saving
Company introduce and assign flexi points entitlement to each employee
according to the job grade. Hence, a company has set a limit to each
individual for them to spend wisely on benefits. Employee will only
purchase on benefits that they really required. In addition, management
are able to reduce the administration cost as the purchase transactions
are via online systems and self approval. Moreover, management
expenditure on benefits can be forecast and structure effectively.
7.1.5. Reduction of moral hazard
Unlimited Medical benefit is given to all employee as part of their core
benefits. However, the co-payment is chargeable for each visitation to
General and Specialist Practioner amounting to RM5 and RM10.
Employee are allowed to reimburse the amount up to RM45 and RM90
using the flexi points in the flexible spending accounts. This is to ensure

3
Mercer 2010 Talent Retention Survey
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employees do not violate the medical benefits by taking false medical
certificate as this will reduce their net income.

7.2. Employees may attracted to Flexible Benefits due to following reasons:
7.2.1. Flexibility
With flexible benefits, plan members are able to choose the benefits and
the level of coverage that's right for them. Rather than provide a defined
(one size fits all) package of benefits under a traditional benefits plan, it
offers employees with several benefit options. Employee use flexi points
allocated by the plan to purchase their benefits coverage, with different
levels of coverage provided for each benefit type. They can reduce or opt
out of coverage they dont need and enhance coverage that more relevant
to them.
7.2.2. Effective tax management
Taxable and non-taxable benefits are offered within the Flexi Benefits
Plan. Thus, employee has self-control in managing tax effectively by
selecting non-taxable benefits during purchasing decision. This may help
in increasing their net income and reducing tax payable while enjoying the
benefits that provided by the company.
7.2.3. Tailor to employees lifestyle
Employee should be able to plan the utilization of the Flexi Benefits Plan
according to their needs and wants. They are permitted to spend the
balance of flexi points in the flexible spending accounts to meet their
lifestyle requirement such as for youngster the points can be reimbursed
for their phone bills, fitness membership fee meanwhile for family with kids
may want
to spend their points for vacation expenses and child educations.
7.2.4. Longer period of non-forfeiture flexi points
Traditionally, employee are allowed to carry forward some of their benefits
up to Mac next year and will be forfeitured if unutilize. Conversely, flexi
points has extended its non-forfeiture period of the points up to 1 year,
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which means employee can carry forward to the following year and to be
utilized before 31 Dec.
Diagram 1: Rationales for having Flexi Benefits plan


8. CHALLENGES IN IMPLEMENTING THE FLEXI BENEFITS
8.1. Complexity of administration
Keeping track of employees' choices adds administrative complexity to a
benefits program. Depending on the degree of choice, the plan may need to use
some sort of electronic enrollment tools. Whether you decide to use a tool
available through your insurer, consultant, third-party administrator, purchase
and Human Resource information system add-on or build something in-house,
it's going to come with a cost, which typically includes both set-up and ongoing
maintenance fees. The larger the organization, the more economical these fees
become on a per capita cost basis as fixed costs can be spread out over a larger
group. You're also going to need more resources to administer the Flexi Benefits
Plan, so you may either need more staffs, more reliance on your consultants or
both.
8.2. Cost
According to the Employee Benefits/Towers Watson Flexible Benefits Research
2012, 67% of respondents cite the cost of implementation as being a barrier to
having a Flexible Benefits Plan, while 56% say it is the cost of administration
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and 46% the cost of the technology. In setting up and running a Flexi Benefits
Plan employers may need to accept a cost from an adviser or consultancy.
Employers will have to pay an ongoing licence fee for the technology. The cost
of communication will depend upon the amount and also the medium used
throughout the awareness program. A badly communicated scheme will not fulfil
its purpose of which there can be many, from employee empowerment to benefit
cost control if employees do not understand and value it. The survey mentioned
earlier highlights that around 75% of firms outsource the ongoing administration
to the third party provider or technology provider. There will, though, be a cost
for this which is usually expressed as a per-head fee, on top of any licence fee.
8.3. Resource Constraint
Excellent service providers are also key to the success of Flexi Benefits Plan as
they can ensure smooth functioning of the plan and sufficient support to
employees in terms of the selection and on-going management of their benefits.
As a comprehensive benefit platform, Flexi Benefits Plan may require many
service providers to fuel its operation such as insurance companies, medical
check-up centers, pension trust companies and flexi system operators among
others. However, considering the fact that it places higher requirements on
service providers, companies need to be more cautious in vendor selection.
Insurance companies, for instance, what needs to be evaluated are not only
their traditional services (claim settlement, insured registration and
administration, etc.), but also their capacity to connect with the flexi benefits
system and provide relevant support. Besides that employers also require a
trained or specialist staffs to roll out admintrative, processes and decision
making internally.
8.4. Demonstrating ROI
The return on investment (ROI) from a successful transition from traditional
benefits to Flexi Benefits is often linked to a high performing workforce in the
companies. When companies have the right people on board and are able to
keep them, a happy and productive workforce becomes a pillar to success. Flexi
Benefits certainly contribute to secure employee retention and high morale. The
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approach has proved to be a strategy to reinvent your employee benefits
program to help meet the challenge in retainning employees.
8.5. Tax issues
The tax situation for benefits is complex and collection methods vary between
organisations. Some benefits (such as life assurance) attract no tax whereas
others are regarded as a benefit in kind and are taxed accordingly. Depending
on the arrangements that an employer has made with the Inland Revenue, these
benefits may be taxed at source, through an amended tax code or other. It is
important that the tax implications of any selections are made clear to
employees.
8.6. Employee communication
Increased complexity requires increased employee communications. The last
thing you want to do is spend a lot of money, time and resources to develop a
new flexi benefits plan and not follow through with a robust supporting
communications campaign. Studies have shown that employee satisfaction with
their benefits is directly correlated with their understanding of the program.

8.7. Technology
Flexible benefits technology has come a long way since it made its first tentative
appearance in the employee benefits arena more than two decades ago, and it
continues to evolve rapidly. New developments in technology, systems and
software have transformed the way Flexi Benefits are devised, administered and
used. Most notable are the changes that enable organisations to offer their staff
much greater choice, not just in terms of which benefits to choose, but also in
the way they make their choices. Todays flexi schemes go beyond providing
access from an office desktop terminal or an employees home computer. The
age of internet browsing on the go has resulted in increased demand for
platforms to be compatible with mobile devices, as well as having applications
(apps) that can be downloaded by staff. In fact, one of the key drivers of the
latest developments in flexi technology is the proliferation of smartphones and
tablets that enable people to manage their benefits choices on any device, any
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time, anywhere. The trend towards mobile technology has seen more employers
invest in developing and upgrading their platforms and systems, leading to
greater competition in the industry and products that have more features than
ever before. This, in turn, has made it much easier for employees to integrate
benefits arrangements into their everyday lives.
Diagram 2: Challenges in setting up the flexi benefits plan by percentage

9. COMPARISON TRADITIONAL BENEFITS AND FLEXI BENEFITS

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10. ADVANTAGES AND DISADVANTAGES OF FLEXI BENEFITS
10.1. Advantages
10.1.1. Employees choose benefits to meet their needs, and value these
benefits more highly.
10.1.2. Employers and employees share the responsibility for providing
benefits.
10.1.3. During periods of change (including merger and acquisitions),
Flexible Benefits can help to harmonise rewards.
10.1.4. Employers provide benefits at a known cost that is fixed
regardless of the choices that employees make thus allowing
them to cap future benefit costs.
10.1.5. Employees have a true idea of the full worth of the benefits
package they receive and employers do not provide benefits that
are not valued.
10.1.6. Employees are given a sense of control and involvement by
having a choice.
10.1.7. Dual career couples avoid having benefits duplicated by their
respective employers.
10.1.8. Employers are seen to be more responsive to the needs of an
increasingly diverse, demanding and ageing workforce.
10.1.9. A competitive benefits package is valuable in attracting and
retaining key personnel.
10.1.10. The awarding of benefits such as company cars becomes less
divisive.
10.1.11. Helps to align the total reward strategy to the Human R and
business strategies
10.2. Disadvantages
10.2.1. Financial hardship
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Employees may delete some benefits to significantly "load-up"
on others in Flexi Benefits Plan. However, some may make poor
choices, leaving them vulnerable to financial hardship.
10.2.2. Significant cost involve for any changes in the plan
Employee benefit plans of all types are fairly complex,
particularly when there are numerous elements to the package.
For example, any time a company changes medical, vision or
dental plans, the process is generally accompanied by significant
portions of paperwork and cost to facilitate the changes.


11. IMPACT FLEXI BENEFITS TOWARDS ORGANIZATION
11.1. Employee Enggagement
According to a survey conducted by Life Insurance Marketing Research
Association (LIMRA), 63% of employees rated benefits as an important
factor when comparing job offers from two separate companies. As more
Generation Y is entering the market and Baby boomers extending their
retirement age, it is becoming more common to have workplaces where
you have both generations working together. By offering flexible
benefits, you are giving your employees the opportunity to choose
packages that best satisfy their unique needs. A conscious engagement effort
made by employers and employees in ensuring both parties are able to
determine a benefits package that is mutually beneficial will provide them with
a healthier and happier workforce while lowering the costs on benefits but
still making sure that everyone is being covered properly.
11.2. Job Satisfaction
Employer has to ensure the changes provide meaningful choice that
improvise program satisfaction for the majority of the employee
population. It is believed that in many of cases the same level of employee
satisfaction could have been achieved at a fraction of the effort and cost
by making a few minor plan modifications, adding some flexibility with a
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simple heath spending account and supplementing these changes with a
solid communication campaign.
11.3. Employee Satisfaction
Flexi benefits plan may enhance satisfaction by making employees more
aware of the nature and value of the benefits. It also promote an ethical
organizational climate by providing employees with more choices as
alternatives are made available to employees to overcome the constraints
faced in the traditional plan and in ensuring quality of work life. When
employees are allowed to participate in their organizations decision-
making processes, they often developed positive, attitudes toward the
organization, as well as they are committed to the employer, remain with
the employer, and perform their jobs well, this in turn leads to strong
organization performance
4
. For instance, the leading pharmaceutical
company AstraZeneca's 2010 focus group study shows that after
implementation of flex,i benefits plan the employees' engagement level
reached 93% and the satisfaction level 86%, a record high.
11.4. Organization Commitment
One of the challenges facing modern organizations involves maintaining
employee commitment in the current business environment. Research
suggested that mandatory and fringe benefits and also family-responsive
benefits were having significant and positive relationship with
organizational commitment also lowering intentions to turnover.
Employees perceptions about their benefits are related to job satisfaction
and organizational commitment.
11.5. Intention To Quit
Several studies have confirmed the important role of Organizational
commitment as a major antecedent of intention to leave; they found a
significant negative relationship between organizational commitment and

4
The Impact of Flexible Benefits Plan on Organization Commitment and Intention to Quit, Dr. Zoubeir
Ayache, University Larbi Ben Mehidi,Oum El Bouaghi, Algeria, May 2014
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intention to leave
5
. Research suggest that employees who are strongly
committed are those who are least likely to leave the organization. Flexi
benefit plans can enhance satisfaction, sustain loyalty, retain frontline
workers, improve service quality and discourage employees from leaving.
Firms that offer attractive benefit packages tend to retain talented
employees and reduce employee turnover.











SECTION C


12. RECOMMENDATION FOR IMPROVEMENT OF BENEFITS
12.1. Communication
Communication is the key to success. Employers must be willing to
commit significant resources to promoting and explaining the plan. To
maximize the impact of the plan, organizations are developing
sophisticated communication programs to explain to employees the
advantages of their benefits such as Flexi Benefits booklet, awareness
program, email blast, one-to-one session etc . Raising awareness before
putting in a flexi benefits plan is the most crucial implementation elements as

5
The Impact of Flexible Benefits Plan on Organization Commitment and Intention to Quit, Dr. Zoubeir
Ayache, University Larbi Ben Mehidi,Oum El Bouaghi, Algeria, May 2014
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this will influence the employee engagement in taking-up benefits otherwise
the entire investment is pointless.
12.2. Administrative Support
Putting in place sufficient administrative support prior to launching a flexi
benefits plan is vital. Therefore, staff specialists should be assigned to this
function. Planning out the program is not the only requirement but control
of costs should becoming a major goal.
12.3. Implementation Period
For the plan to be successful, sufficient time must be put aside to
implement it properly in order to allow a phased process of communication and
implementation to ignite employee interest. The length of time that should
be depends on organization readiness, types of industry, budget allocation
with estimates varying from12 months to as little as 3 months.
12.4. Careful Planning
A feasibility study should already have ascertained an employer's
objectives and the attitudes of staff towards the flexi benefits prior to
implementation. It is then up to the employer to decide whether to
come out with own plan or to work with a specialist provider to design,
implement and maintain the plan as they have the advantages of
experience, industry insight and contacts.
12.5. IT Advancement
Most organisations implementing flexi benefits plan today, using an online
or self-service system to reduce the cost and administrative load.
However, employers have to ensure they are using the right IT system for
their organisation. Therefore, selecting of IT vendors is also important
before committing, an User Acceptance Testing (UAT) should be
rolled out to safeguard from the technology not being able to perform the
task. On the other hand, IT project management is an essential to keep
the program implementation on track and meeting objectives.


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2. CONCLUSION
In summary, the traditional benefits that people knew 10 to 20 years ago are long
gone. With a greater drive towards integration into single platforms, flexible benefits
now encompass so much more than just standard benefit selections. In Etiqa, Flexi
benefits plan is the sort of strategic Human Resource solution that can have a major
impact in winning the war for talent and containing costs. Several companies in
Singapore, Malaysia, Hong Kong, Taiwan, China and Thailand have moved into
implementing the plan. It all comes down to understanding what employees need
and value and repurposing the benefits spending accordingly. It calls for the creation
of a culture of health through wellness programs and benefit plans. Moreover, it
calls for choice in benefit plan design to address diverse workforce needs and
generate greater employee engagement within the organization. These basic
benefits strategies have the potential to address the key drivers of talent attraction,
retention and engagementnot only in Asia, where the war for talent is fiercest, but
also on a global basis, as multinational firms face a freshly competitive future in
every geography.

Diagram 3: Readiness of Flexi Benefits Plan in several countries

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3. REFERENCE
3.1. The Impact of Flexible Benefits Plan on Organization Commitment and
Intention to Quit, Dr. Zoubeir Ayache, University Larbi Ben Mehidi,Oum El
Bouaghi, Algeria, May 2014
3.2. Flexible Benefits Research 2013, Tower Watson
3.3. Flexible Benefits Plans: Employees who have a choice, Monthly Labor Review,
Dec 1989.
3.4. Flexible Benefits: An Effective Prescription in China, HR Connect Asia Pacific,
Health & Benefits Practice, Aon Hewitt
3.5. The Global Added Value of Flexible Benefits, Benefits Quarterly, Fourth Quarter
2011.
3.6. Staff Medical Benefits Policy, Etiqa Insurance & Takaful Bhd, 17 May 2013
3.7. The rise of HR in the new Asia, 13-14 April 2010, Mercer
3.8. Flexible Benefits-Can you afford not to introduce them? 2011 Latin America and
Carribean HR forum, Mercer, Elva Rios Mexico City.
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