Monday, October 17, 2011

11 Employment Benefits That Give You Extra Cash and Save You Money

Being employed does not only meant you are getting income, but it gives your more cash and save you money too. Based on my experience and my readings, here are 11 employment benefits that can help you to either give you extra cash or save your money:

1) Employee Pension Fund (EFP) Contributions
Malaysian employer are required to contribute 12% of the monthly salary to each of their employees' EPF accounts. Employees are contributing 11% from their monthly salary. Some companies are kind enough to offer higher contribution for their employees. In long run, 12% of monthly salary can turn out to be quite a huge amount of money. 

2) Social Security Organization (Socso) Coverage
Malaysian employer also required to contribute to Sosco for each of their employee. Socso operates as a social insurance scheme provided by the Malaysia government to provide aid in financial guarantees and protection to employees and their families in the event of accidents resulting in disablement, death, or affliction with occupational diseases. The contribution is accordance to the salary range of the employer. One thing for sure, Socso is reducing the employee's burden in term of accident, disablement and treating occupational diseases.

3) Medical Benefit
Most companies do provide medical benefits for their staff. The benefit can be either through staff monthly claim by submitting official medical receipt or through panel doctors appointed by the employers for their staff. Most of the time, the medical benefit also cover the medical expenses for spouse and children as well.

4) Dental and Optical Benefit
Dental and optical care can turn out to be quite expensive for an employee. When these are subsidized by company, employee can save hundreds in a year. Of course, there will be a certain limit of claim for each year. Some employer extend the dental and optical benefit to their employee's dependent.

5) Group Insurance Coverage
For those corporate giant where they have hundreds or thousands of employees, usually they provide group insurance coverage to their employees. Insurance coverage includes life insurance, personal accident and medical card. The most saving part would be medical card because medical care in private hospital can be very expensive. Most insurance coverage also cover for employee's spouse and children.

6) Health Screening Package
It is important for employees to have health screening package, especially for those after middle age. General health screening package could start from hundreds to thousands of ringgit. By providing subsidized health screening package, this will greatly reduce the financial burden of an employee. Usually employer will set a limit of health screening package for each of their employee. 

7) Hire Purchase Benefit
Some large corporate especially financial institution usually offer lower hire purchase benefits for their employees, provided the hire purchase is from the employer itself. This could save quite a substantial amount of money. Win-win situation for both employer and employee.

8) Performance Bonus
Towards the end of a financial year, bonus is what most employee looking for. Bonus means additional cash. And some generous employers are giving away a few month bonuses.

9) Employee Share Option Scheme (ESOS)
Most public listed company offers ESOS to its employee. In a way, ESOS gives employees a feeling to own a portion of the company so that the employees will work harder. In return, when the share price increase, the   employee can opt to exercise the ESOS and gain money from the transaction.

10) Long Service Awards
It is common to have Long Service Awards for employees who work 5 years, 10 years and for the next subsequent 5 years. Usually there will be cash incentive and special gift for Long Service Awards.

11) Maternity benefits
Some employers are kind enough to support parents with maternity benefit such as paying for labour charges. Other than that, some also give maternity gift for mother and new born gift for baby.

Other than the above mentioned employee benefits, I believe there are other benefits too. Do feel free to add in and share with me. For those who are enjoying the above benefits, they should feel thankful for it. For those who has not enjoying the benefits, can always suggest to your employer in your coming year end appraisal.