Everything About the Bank of Singapore’s Workers Misuse of Medical Claims

By
Kimi Tan
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Most people usually use their company’s medical claims for things like outpatient visits and medicine from general practitioners, but you’ve probably never heard of anyone using their medical claims on items like bird’s nest.

That is, until now.

If you prefer to watch a video about this topic instead, watch this then:

Bank of Singapore’s Workers Misuse Medical Claims

The Bank of Singapore (BOS) is the private banking arm and a wholly-owned subsidiary of Overseas Chinese Banking Corporation (OCBC).

Formerly known as ING Asia Private Bank, it was acquired by OCBC in 2009 from ING Group for almost S$2 billion.

BOS offers wealth management services serving wealthy families, high-net-worth individuals, and independent asset managers.

Recently, it has been reported that BOS has discovered cases of misuse of medical benefits by its staff, causing up to 40 employees to be fired two weeks ago.

Finance industry career portal eFinancialCareers was the first to report on this on 24 April 2024.

BOS’s medical insurance scheme allows employees to claim up to $10,500 for medical and dental expenses. This is believed to include outpatient consultation and medication issued by a general practitioner or specialist, non-aesthetic dental services, vaccinations, X-rays, and blood tests.

Reportedly, CNA mentioned in an article that BOS did not require an itemised bill to be provided for claims under $200.

Expenses that are “not medically needed” cannot be claimed under BOS’ scheme, including cosmetic surgery, toothbrushes, toothpaste, and wheelchairs.

It is not certain what caused the situation to come to light, but BOS has conducted a wide-ranging investigation into the matter, investigating somewhere between 500 and 900 of the bank’s employees.

The investigation found that some employees had used their medical claims on ineligible items.

Those involved reportedly submitted claims for bird’s nest, skincare products, supplements, and toothbrushes – items that are excluded under the company’s medical benefits.

The Clinic… Maybe?

Due to an email dated 10 November 2023, CNA suggested a clinic located in CIMB Plaza, Raffles Place.

One Reddit comment compared the clinic to a “mama shop”, implying that employees were able to claim for many things.

Image: Screenshot from Reddit

Despite this, the clinic has denied ever having a relationship with BOS, saying the clinic is not on the bank’s list of panel clinics.

What Happened To Those Involved

According to eFinancialCareers, some of the involved employees claim to have been “pressured into an admission of liability”.

Those who misused the medical claims were told to pay back the money for these claims. It is believed that some of them had claimed the full $10,500.

Those who were terminated are believed to have been fired after repaying their ineligible claims.

eFinancialCareers and CNA reported that the “more serious cases” also faced disciplinary outcomes such as bonus cuts and cancelled promotions. Some also received notes in their personnel files, which will be disclosed to prospective employers.

According to CNA, some also did not receive a one-off cost-of-living support of $1,000 for junior staff across OCBC Group.

eFinancialCareers also said that some employees were unaware that the claims were illegitimate. Some employees also complained about a lack of transparency regarding how the situation has been dealt with for each individual employee.

Reportedly, some staff were given letters of warning and faced disciplinary committees before they were fired. It is also believed that after the initial round of dismissals, a disciplinary inquiry scheduled for hundreds of employees did not happen.

In response to enquiries, BOS has not been divulging much information, keeping matters related to the situation private and confidential.

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Kimi Tan