The workplace today is very diverse and the probability of injury has increased significantly. Belonging to all industries, like construction, health, logistics and manufacturing, the employees are prone to health hazards that can prove to be life threatening. The importance of WICA insurance, i.e. work injury compensation insurance is evitable, and it is a peace of mind for both employer and employee.
In the category of insurance, WICA insurance is a name for providing medical, financial and injury insurance to employees during the course of their employment. It is kind of an essential part of the strategic wings of the organisation, which is aimed towards providing equal treatment and financial security to workers at the time of need.
The compensation process by WICA insurance is very simple. Unlike the traditional mode of insurance companies, where individuals had to wait for longer duration. WICA makes the duration process easy and short. This way both emotional and financial wait for the employee is greatly reduced and they get their claim in the shortest possible time.
Benefits and Coverage in the Policy
There are major three categories of insurance covered in the umbrella of WICA:
The Cost of Medical Treatments
The medical treatment means that the employees get adequate medical coverage of their injury or medical emergency. They do not have to bear the financial burden associated with their treatment process. The medical financial support includes hospitalisation, medication, emergency treatment, therapy and rehabilitation.
The Wage Replacement
At times, an employee is unable to perform at the workplace due to some temporary or permanent disability. In this case, the WICA insurance provides wage coverage commensurate with the wage bracket of an employee so their normal routine is not disturbed. The amount is calculated by checking the monthly income to that of the level of injury faced by the employee.
Compensation for Death or Permanent Disability
In case of death while in service of disability, the WICA calculates the amount for supporting family or the employee. This way the financial burden is shared by the insurance company.
WICA is Mandatory for Employers
It is essential for all employers to get WICA insurance for their work force in light of the Singaporean law and government ruling. In some organisations where there are both manual and non-manual workers, getting the WICA is mandatory irrespective of the wage of each employee. The insurance has to be effective with effect from the date of employment. In case of non-compliance, serious breach of law is applied to such organisations.
Besides legal implications, it is morally and ethical right for employers to avail such insurance options. It shows that they are responsible and ethically strong employers who care about their workers while working for their businesses.
WICA is Applicable in All Sectors
It is considered that heavy industries are more prone towards health hazards and incidents of injury, however in reality all sectors must acquire WICA in Singapore for their employees. In today’s white collar jobs, job security, health and safety ergonomics, mental health safety have gained much momentum.
Companies are investing heavily to ensure the health and well being of their employees. Employers can greatly reduce their cost of medical expenses by availing services of third party insurance companies, like WICA.
