Singapore Expats Forum

Unemployment / redundancy insurance

Discuss the different insurance options from car to health insurance.
Waffer Theen Meent
Newbie
Newbie
Posts: 16
Joined: Tue, 13 Aug 2013

Unemployment / redundancy insurance

Postby Waffer Theen Meent » Sun, 27 Oct 2013 8:26 pm

Hi!

Seeing as Singapore doesn't provide any kind of unemployment benefit, I am considering taking out some insurance to cover this (obviously only if it is good value, taking any exclusions etc. into account!)

Can anyone recommend any unemployment insurance?

One issue I can envisage might be that (I believe) I would have to leave Singapore quite quickly if I lost my job. I would need the insurance to still cover me in this event.

Thanks
Dan

AngMoG
Reporter
Reporter
Posts: 609
Joined: Wed, 17 Apr 2013

Postby AngMoG » Sun, 27 Oct 2013 9:50 pm

I don't think such an insurance exists, but I'd be happy to have someone enlighten me to the contrary. It would kind of run contrary to the whole philosophy here where nobody helps you but yourself.

If you are unemployed here as a foreigner, you have to leave once your tourist visa expires (you get one month upon cancellation of your EP). you can do 1-2 "visa runs", probably, to extend that time, but the government is watching these very closely now. Your best unemployment insurance would be to put some money aside for the rainy days.

User avatar
ecureilx
Immortal
Immortal
Posts: 9260
Joined: Fri, 20 Aug 2010

Postby ecureilx » Sun, 27 Oct 2013 10:21 pm

AngMoG wrote:I don't think such an insurance exists, but I'd be happy to have someone enlighten me to the contrary. It would kind of run contrary to the whole philosophy here where nobody helps you but yourself.

If you are unemployed here as a foreigner, you have to leave once your tourist visa expires (you get one month upon cancellation of your EP). you can do 1-2 "visa runs", probably, to extend that time, but the government is watching these very closely now. Your best unemployment insurance would be to put some money aside for the rainy days.


Prudential or NTUC has some scheme like this, but for PR/SC ONLY ..

Waffer Theen Meent
Newbie
Newbie
Posts: 16
Joined: Tue, 13 Aug 2013

Postby Waffer Theen Meent » Mon, 28 Oct 2013 10:25 pm

Hmm.

Well I know you can get it in the UK for example, but I don't know if it would be valid here...

User avatar
JR8
Immortal
Immortal
Posts: 16514
Joined: Wed, 24 Mar 2010
Location: K. Puki Manis

Postby JR8 » Mon, 28 Oct 2013 10:29 pm

It won't be.

And paying to insure yourself against the events and occurrences of normal day to day life, will be expensive.

The Ref
Chatter
Chatter
Posts: 194
Joined: Wed, 19 May 2010

Too easy to game the system?

Postby The Ref » Mon, 28 Oct 2013 10:31 pm

I think it would be too easy to game the system.
Singapore does not have the strong labour laws of many other countries, meaning it would be quite easy to get a pay-out from the insurance. As higher mid level roles here pay higher than most peoples "home" country you could take a redundancy, take the insurance pay-out and go "home" with quite a large packet.
Then again ... if you find an insurer please be sure to let me know ;-)

PNGMK
Director
Director
Posts: 4851
Joined: Thu, 21 Mar 2013

Postby PNGMK » Mon, 28 Oct 2013 10:37 pm

ecureilx wrote:
AngMoG wrote:I don't think such an insurance exists, but I'd be happy to have someone enlighten me to the contrary. It would kind of run contrary to the whole philosophy here where nobody helps you but yourself.

If you are unemployed here as a foreigner, you have to leave once your tourist visa expires (you get one month upon cancellation of your EP). you can do 1-2 "visa runs", probably, to extend that time, but the government is watching these very closely now. Your best unemployment insurance would be to put some money aside for the rainy days.


Prudential or NTUC has some scheme like this, but for PR/SC ONLY ..


I have it, but it's only for loss of employment due to serious illness or TPD (policy is from NTUC). It's a good investment in my opinion - costs about $1500 a year and pays $5000 a month til age of retirement 6 months after the illness kicks in. In my case I have a deadly fear of being paralyzed and it was a way of mentally coping with that.

Steve1960
Editor
Editor
Posts: 1106
Joined: Mon, 13 Aug 2012
Location: Singapore

Postby Steve1960 » Tue, 29 Oct 2013 8:04 am

The best way, if you can, is probably to negotiate it with your employer as part of the relocation package. I did. Gives me a couple of years to find another job if they don't want me anymore.

PNGMK
Director
Director
Posts: 4851
Joined: Thu, 21 Mar 2013

Postby PNGMK » Tue, 29 Oct 2013 8:09 am

Steve1960 wrote:The best way, if you can, is probably to negotiate it with your employer as part of the relocation package. I did. Gives me a couple of years to find another job if they don't want me anymore.

+1.... but a couple of years? I have 6 months salary coming if made redundant.

Steve1960
Editor
Editor
Posts: 1106
Joined: Mon, 13 Aug 2012
Location: Singapore

Postby Steve1960 » Tue, 29 Oct 2013 8:13 am

Depends on circumstances of course. I have nearly 14 years service and a pretty senior position.

User avatar
JR8
Immortal
Immortal
Posts: 16514
Joined: Wed, 24 Mar 2010
Location: K. Puki Manis

Postby JR8 » Tue, 29 Oct 2013 1:45 pm

PNGMK wrote: In my case I have a deadly fear of being paralyzed and it was a way of mentally coping with that.


I just want to comment on this, as I might be unusual here in having direct experience of this.

If you are suddenly paralysed, you go through various stages:

- What just happened/why me? (aka the angry phase)
- Reconciliation and acceptance of the situation
- Rehab/working back to making the best of it you can.

If it happens it's not as bad as you might think. That might sound odd, but IME it's true. The human survival instinct kicks-in and acceptance and adaptation usually follow shortly.

I'll tell you what used to tick me off though. Being treated like I was retarded by some people, waiters, hotel receptionists etc, just because I couldn't walk, 'You know, believe it or not, I don't think using my legs! Just because I'm down here doesn't mean you have to smile too much, and talk slowly to me' :)

- I was in a wheelchair for c4-5? months, and later on a Zimmer frame for a few more. The latter made several people treat me like a plagued-up junkie lol. It's really weird but one of the bigger challenges is maintaining a healthy ego, when so many people (they have the best of intentions) treat you like a dribbling-idiot.

meklavier
Newbie
Newbie
Posts: 10
Joined: Mon, 10 Feb 2014

Postby meklavier » Tue, 11 Feb 2014 12:27 pm

PNGMK wrote:
ecureilx wrote:
AngMoG wrote:I don't think such an insurance exists, but I'd be happy to have someone enlighten me to the contrary. It would kind of run contrary to the whole philosophy here where nobody helps you but yourself.

If you are unemployed here as a foreigner, you have to leave once your tourist visa expires (you get one month upon cancellation of your EP). you can do 1-2 "visa runs", probably, to extend that time, but the government is watching these very closely now. Your best unemployment insurance would be to put some money aside for the rainy days.


Prudential or NTUC has some scheme like this, but for PR/SC ONLY ..


I have it, but it's only for loss of employment due to serious illness or TPD (policy is from NTUC). It's a good investment in my opinion - costs about $1500 a year and pays $5000 a month til age of retirement 6 months after the illness kicks in. In my case I have a deadly fear of being paralyzed and it was a way of mentally coping with that.


I don't think Singapore have an insurance that pays out when you are unemployed. What PNGMK has sounds like a disability income insurance that pays out after a certain waiting period (in his case 6 months) when an individual suffers from disability and cannot perform certain number of activities of daily liviings.

User avatar
ecureilx
Immortal
Immortal
Posts: 9260
Joined: Fri, 20 Aug 2010

Postby ecureilx » Fri, 14 Feb 2014 12:55 am

meklavier wrote:
I don't think Singapore have an insurance that pays out when you are unemployed. What PNGMK has sounds like a disability income insurance that pays out after a certain waiting period (in his case 6 months) when an individual suffers from disability and cannot perform certain number of activities of daily liviings.


sorry, there is, for SC/PR only, as a rider on coverage

meklavier
Newbie
Newbie
Posts: 10
Joined: Mon, 10 Feb 2014

Postby meklavier » Fri, 14 Feb 2014 11:26 am

ecureilx wrote:
meklavier wrote:
I don't think Singapore have an insurance that pays out when you are unemployed. What PNGMK has sounds like a disability income insurance that pays out after a certain waiting period (in his case 6 months) when an individual suffers from disability and cannot perform certain number of activities of daily liviings.


sorry, there is, for SC/PR only, as a rider on coverage


oh cool, can i know more? which company?

Beeroclock
Reporter
Reporter
Posts: 718
Joined: Thu, 31 Oct 2013

Postby Beeroclock » Fri, 14 Feb 2014 11:52 am

I'm just looking into this. From what I can gather, it's difficult to find the kind of "income protection" policies that exist in places like Australia, where you can include redundancy cover in addition to disablement/critical illness. Ironically in Australia it's less necessary to insure, as companies will generally have a policy on severance pay if a permanent job is made redundant, unlike here where you really do need it !

Was just searching around online and found an economist article "The Stingy nanny" (Feb 2010), which stated [quote]The Economic Society of Singapore (ESS)—not exactly a radical cell—recently proposed to a government committee that it should build a more robust safety net, starting with unemployment insurance. This would promote social stability and help muster public support for Singapore's open-door migration policies, it argues. Properly designed, such measures would not create disincentives to work and thrift. “While self-reliance is a good principle in general, it may be neither efficient nor just if taken to extremes,”


  • Similar Topics
    Replies
    Views
    Last post

Return to “Insurance”

Who is online

Users browsing this forum: No registered users and 0 guests