Some migrant workers are insured at their workplaces, but many face the harsh reality of being uninsured outside of work and illnesses.
And we all know how expensive healthcare in Singapore when there are no subsidies.
However, a new scheme called Care4MigrantWorkers will provide economic security for these workers.
The scheme is underwritten by NTUC Income, and is a partnership between Leap201 and the Migrant Workers’ Centre (MWC).
Leap201 is a Venture Philanthropy Organisation which supports and invests in social enterprises in Southeast Asia. According to Leap201, they expect this scheme to impact the lives of at least 200,000 migrant workers in Singapore.
They will also work together with employers, migrant worker organisations and dorm operators to collect essential health data for lowering insurance premiums. They will then develop a database to store the data.
Care4MigrantWorkers offers a lump sum of $10,000 to an insured worker who passes on, suffers from a permanent or total disability, or is suffering from critical illnesses such as cancer.
Not a lot but it’s enough for them to have a better life in their home country.
First of Its Kind
This is the first low-cost group term life insurance for migrant workers.
And when I mention low-cost, it’s really low cost.
It is offered to employers of these migrant workers for a cost of $9 a year.
That’s cheaper than two cups of bubble tea.
On Wednesday (30 September), a memorandum of understanding (MOU) was signed between Leap201 and MWC. Additionally, they have also raised $600,000 to encourage employers to purchase the insurance scheme for their workers. The money will be used to subsidize the payment for the first 50,000 workers within the first two years of implementation.
Employers will then pay a subsidized fee of $3 a year for the first two years, multiplied by each migrant worker under their care.
For $3, you can’t even buy a cup of bubble tea.
Importance of Migrant Workers in Singapore
When Covid-19 hit Singapore, many migrant workers were unable to work due to the call for restriction in numbers. This decision caused many industries to speak up about the consequences of reducing the migrant worker population.
In May this year, the Singapore Indian, Malay and Chinese Chambers of Commerce and Industry highlighted the importance of migrant workers in Singapore.
“Given Singapore’s limited workforce, we would not be able to stay competitive in certain sectors otherwise if not for migrant workers,” they said in a joint statement.
As migrant workers take on lower-end jobs in Singapore, locals would have the opportunity to take on PMET jobs. According to The Straits Times, there were 720,800 work permit holders in Singapore as of March this year, excluding foreign domestic workers.
287,800 of them were in the construction industry.
The president of the Specialists Trade Alliance of Singapore, Thomas Ang, questioned if Singaporeans were ready for higher costs and inconveniences if locals could not fulfil these positions.
Truth be told, we are not ready for any of that. One example Thomas gave was the repairing of escalators and lifts. Such services will be strained if there is a restriction of migrant workers in Singapore, and you won’t want to go down twenty floors just to buy a pack of cai png every day.
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