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Most employee compensation packages nowadays offer benefits. While employers don’t necessarily have to provide group health insurance and medical benefits to their employees, many recognize the power of doing so - especially when it comes to attracting and retaining top talent.
Job seekers in Hong Kong highly value the types of employee benefits that come with a remuneration package as well, and employers in the city are continuously expanding their employee benefits offerings (e.g. flexible work arrangements and leave allowances) to stand out from the competition.
Our friends at Pacific Prime Hong Kong are here to help you understand the most common types of employee benefits in Hong Kong.
The most common types of employee benefits in HK
Whether you’re looking to review your existing one or for new types of employee benefits plans, the first step is to understand what the different types of benefits for employees are. Here are some of the most common types of employee health benefits that businesses in Hong Kong can offer.
It’s important to understand that employee benefits are very flexible, and you can choose anything from basic inpatient care (which covers employee hospitalization) to more comprehensive inpatient and outpatient plans that cover GP visits, physiotherapy, and other costs. Likewise, you can enhance your employer-provided health plan through options like:
● Benefit levels: These determine the amount of coverage offered in monetary terms, with higher levels costing more.
● Provider networks: Insurers typically secure a network of approved providers that employees can or must go to for treatment to be covered.
● Area of coverage: International plans provide health benefits outside of Hong Kong while local plans are limited to the SAR.
● Coverage for pre-existing conditions: It’s often easier to include pre-existing conditions coverage in an employee benefits plan, which can be crucial to employees with ongoing medical issues or older staff.
● Dependent coverage: Most group health insurance plans give the option to extend partial or equal coverage to spouses and children.
Additional employee benefits
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Along with inpatient and outpatient coverage, other employee benefits types can be used to offer more targeted medical support to employees. These include maternity insurance, dental insurance, vision insurance, and fertility treatment. Remember that the benefits you select will depend on your workforce’s needs and company objectives.
Workplace wellness is also becoming more important to many businesses. While your insurer may offer some of these benefits, a third-party provider may be necessary if you’re looking to provide additional ones like health checkups/immunizations, health and wellness education, mental health support, and wellness programs.
Even though Hong Kong is often seen as slightly behind regarding employee benefits offerings, many reputable businesses are raising the local standard. Reviewing your employee benefits package or designing a new one can help set your business apart in an increasingly competitive job market.