My employer has taken on a group of older workers as encouraged by the Government and we took up the Employee Benefits insurance policy with NTUC Income, anticipating that elderly workers are at higher risk of injury.
My employer is now considering terminating the policy due to the 120 per cent increase in the premium.
It was $330 per staff member but will be revised to $726 for every employee for the upcoming renewal.
The policy was purchased about five years ago and for the first four years, no medical claim was made.
Unfortunately, during the fifth year, one staff member underwent an operation at a government hospital, under a Class C ward. The operation was not for a chronic disease.
It is unjustified to penalise all the employees with the premium increase for this operation alone.
Higher insurance premiums are very discouraging for employers who hire older staff and, at the same time, have to incur additional costs when these staff take medical leave.
We hope that NTUC Income will keep the premiums for elderly workers economical so as to support the Government's policy and encourage employers to hire elderly workers.
Catherine Yap (Mrs)
This article was first published on June 26, 2014.
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