Work Injury Compensation Act (WIC Insurance in Singapore)
The work injury compensation insurance is compulsory for all workers under your company below SGD $1600 monthly salary or all manual work workers. This replaces the earlier workmen compensation insurance some years ago. Do note that this is mandatory by law and many companies missed out on this and have issues with the Ministry of Manpower (MOM) when checks are conducted.
What businesses and when do you need WIC Insurance in Singapore?
- Any workers that earn $1600 SGD and below per month for their salary ($19200 annual salary)
- Any manual workers (skilled or unskilled label) in any salary
As long as your companies have workers of such type, you are required to purchase WIC insurance for them. For companies that have no such staff, you may still purchase WIC or Personal Accident plans because the rates are very low due to the mass adoption of such plans.