eRemit Singapore, a digital financial solutions provider backed by Merchantrade Asia and QALA Tech, has announced a partnership with Hong Leong Assurance Singapore (HLAS) to offer a new insurance scheme for migrant workers in Singapore.
“Access to healthcare and financial coverage is a basic necessity that should be available to all. We are proud to work with HLAS to bring this Salary Protector Scheme to life, and we hope this will give migrant workers some peace of mind in ensuring that they and their families are provided for,” said eRemit Singapore CEO Srihari Sikhakollu.
Migrant workers are often the sole or main breadwinners for their family back in their home countries. They must contend with difficult and dangerous jobs, inhospitable living conditions and being far from home, and the COVID-19 pandemic further compounds these issues. In Singapore, migrant workers in the construction and manufacturing sectors suffered the bulk of job losses in 2020 and were at high risk of contracting COVID-19 due to repeated infection clusters in workers’ dormitories.
eRemit Singapore’s Salary Protector Scheme, underwritten by HLAS, is specially designed to meet the unique coverage needs of migrant workers in Singapore. It covers on- and off-work hours for the majority of occupations and provides critical financial support in the event of accidental death and permanent disability. This scheme is provided free to all eRemit Singapore customers who have made a successful remittance transaction through its digital platform.
“Everyone deserves to be covered regardless of where they come from or what they do, especially in these challenging times. It is innovative to add this service to our extensive portfolio of insurance packages. This salary protector insurance covers up to 12X of their monthly salary with a maximum cap of S$12,000 ($8,934). eRemit Singapore’s extensive FinTech experience and wide adoption among the migrant worker community makes them an excellent partner to ensure that our insurance is accessible to them and addresses their needs,” said HLAS CEO Kelvin Lim.