For this post, I am going to share employee benefits that give you other advantages besides helping you to save money.
Being employed does not only mean you are getting income, but it gives you more cash and save you money too.
11 employee benefits that give you extra cash and save your money
Based on my experience and my readings, here are 11 employee benefits that can help you to either give you extra cash or save your money:
1. Employee Provident Fund (EFP) contributions
Malaysian employer is required to contribute about 12% of the monthly salary to each of their employees’ EPF accounts. While employees are contributing about 11% from their monthly salary. But, sometimes this statutory contribution rate might be lowered in line with the Government initiatives.
Some companies are kind enough to offer higher contributions to their employees.
In the long run, these EPF savings can turn into a huge amount of money. And if managed well, can grow into a comfortable retirement fund.
Read more: Can we rely on EPF savings to fund our retirement years?
2. Social Security Organization (SOCSO) coverage
Malaysian employers are also required to contribute to SOCSO for each of their employees.
SOCSO operates as a social insurance scheme provided by the Malaysian 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 in accordance with the salary range of the employer.
One thing is for sure, SOCSO is reducing the employee’s financial burden in terms of an accident, disablement and treating occupational diseases.
Read more: Why SOCSO is important to Malaysian
3. Medical benefits
Most companies do provide medical coverage as an employee benefits package for their staff.
The benefits can be either through staff monthly claims by submitting an 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 benefits
Dental and optical care can turn out to be quite expensive for an employee.
When these are subsidized by the company through employee benefits, an employee can save hundreds of Ringgits in a year.
Of course, there will be a certain limit of the claim for each year.
Some employer also extends the dental and optical benefit to their employee’s spouse and children.
Read more: A recommended dentist in Kuching
5. Group Insurance Coverage
Those corporate giants where they have hundreds or thousands of employees, usually provide group insurance coverage to their employees. Among the common group insurance coverage includes:
- life insurance
- personal accident
- medical insurance
The most saving part would be group medical insurance because medical care in a private hospital can be very expensive.
Some employers might extend medical insurance to the employee’s spouse and children as well.
Even though is it not recommended to rely on employer medical insurance, this benefit does help to lift employees’ financial burden during emergency needs.
6. Health screening package
It is important for employees to have a health screening package, especially for those after middle age. General health screening packages could start from hundreds to thousands of ringgit.
By providing a subsidized health screening package will greatly reduce the financial burden of an employee.
Usually, the employer will set a limit on the health screening package for each of their employee.
7. Hire purchase benefits
Some large corporates especially financial institutions usually offer lower hire purchase benefits for their employees.
Some of them restrict the employee to use the hire purchase from the employer itself.
This could save quite a substantial amount of money. And it is a win-win situation for both the employer and the employee.
While some might provide a list of financial institutions for their employee to choose from.
8. Performance bonuses
Towards the end of a financial year, a bonus is what most employee is looking forward to. Because a bonus means additional cash for all the hard work the employee had poured out for that particular year.
I knew some generous employers are giving away a few months of bonuses to the top performer.
9. Employee share option scheme (ESOS)
Most of the public listed company offers ESOS to its employee as part of its employee benefits.
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 transactions.
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 incentives and special gifts for Long Service Awards. Among the special gifts which I had heard of are a gold necklace and a gold pendant.
Needless to say, this incentive and special gift could turn out to be a lot of cash for the eligible employees.
11. Maternity benefits
Other than the maternity leave of up to 6 months, some employers are kind enough to support parents with maternity benefits such as paying for labour charges.
I have also come across an employer who gives maternity gifts for mothers and newborn gifts for babies.
Read more: The cost of giving birth at SGH (Sarawak General Hospital)
Final thoughts
The above are 11 employee benefits that could give employees additional cash besides helping the employee to save money.
Those who are enjoying these employee benefits should feel thankful for them. While those who have not enjoyed these employee benefits can always suggest to your employer in your coming year-end appraisal.
Other than the above-mentioned employee benefits, I believe there are other benefits too. Do feel free to add in and share with me.
Read more: Why do employees leaving the corporate world
these benefits to me will be a bonus while I am employed.
but I more interest on what if I am unemployed.
hi 雷門, you meant unemployed?
Hi Yan,
Just word of caution. Some employee impose condition on benefit #11. For example, you are only entitled to enjoy that benefits after serving for certain number of months or years. — based on true story 😉
Hi laikos, thanks for the info and sharing. hmm… it's quite true as well. need to read the small prints on offer letter :p
Yes, that is a good one. That's why sometimes it is good to be an employee. 🙂
Hi ChampDog, there are pros and cons 🙂