This document provides an overview of employee benefits in Malaysia, including both benefits mandated by law and those provided by companies. It focuses on flexi benefit plans, which allow employees to customize their benefits package. The key components of flexi plans discussed are core benefits (e.g. life and health insurance), flexi points that can be used to purchase optional benefits, and flexible spending accounts. Implementing flexi plans provides benefits to both employers and employees by catering to differing needs and priorities over employees' careers.
This document provides an overview of employee benefits in Malaysia, including both benefits mandated by law and those provided by companies. It focuses on flexi benefit plans, which allow employees to customize their benefits package. The key components of flexi plans discussed are core benefits (e.g. life and health insurance), flexi points that can be used to purchase optional benefits, and flexible spending accounts. Implementing flexi plans provides benefits to both employers and employees by catering to differing needs and priorities over employees' careers.
This document provides an overview of employee benefits in Malaysia, including both benefits mandated by law and those provided by companies. It focuses on flexi benefit plans, which allow employees to customize their benefits package. The key components of flexi plans discussed are core benefits (e.g. life and health insurance), flexi points that can be used to purchase optional benefits, and flexible spending accounts. Implementing flexi plans provides benefits to both employers and employees by catering to differing needs and priorities over employees' careers.
1.INTRODUCTION ................................................................................................ 2 2.DEFINITION OF EMPLOYEE BENEFITS .......................................................... 2 3.TYPES OF BENEFITS ....................................................................................... 2 3.1. BENEFITS MANDATED BY LAW ......................................................... 3 3.1.1.Annual paid leave ............................................................................. 3 3.1.2.Working hours ................................................................................... 3 3.1.3.Health and sickness benefits ............................................................ 3 3.1.4.Retirement benefits ........................................................................... 3 3.2.BENEFIT PROVIDED BY THE COMPANY ............................................... 3 3.2.1.Staff loan benefits ............................................................................. 3 3.2.2.Staff allowances ................................................................................ 3 3.2.4.Staff medical ..................................................................................... 3 3.2.5.Staff leave ......................................................................................... 3 3.2.6.Flexible work arrangements .............................................................. 3 3.2.7.Staff education assistance scheme................................................... 3 3.2.8.Other benefits ................................................................................... 3 4.THE CHOSEN BENEFIT .................................................................................... 3 5.WHAT IS FLEXI BENEFIT PLANS? ................................................................... 4 6.THE COMPONENTS OF FLEXI BENEFIT PLANS ............................................ 4 6.1.CORE BENEFITS ................................................................................ 5 6.2.FLEXI POINT ....................................................................................... 5 6.3.OPTIONAL BENEFITS ........................................................................ 5 6.4.FLEXIBLE SPENDING ACCOUNTS (FSA) ......................................... 6
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SECTION A
1. INTRODUCTION
As an employee in Malaysia we will be entitled to a number of rights and benefits, regardless of nationality or citizenship. It is important that we have a clear understanding of our full rights and benefits as an employee working in Malaysia. 1
There are some types of employee benefits that are mandated by law, including minimum wage, overtime, leave under the Family Medical Leave Act, unemployment, and workers compensation and disability. Furthermore, there are other types of employee benefits that employers are not required to offer, but choose to provide to their employees.
2. DEFINITION OF EMPLOYEE BENEFITS
Any type of planned sponsored or initiated unilaterally or jointly by employers or employees and providing benefits that stem from the employment relationship. It is a compensation other than an hourly wage or salary such as benefits for death, accident, sickness, retirement, or unemployment. All benefits and services that are provided to employees in whole of a part by their employer for time worked.
3. TYPES OF BENEFITS
There are some types of employee benefits that are mandated by law, including minimum wage, overtime, leave under the Family Medical Leave Act, unemployment, and workers compensation and disability. There are other types of
employee benefits that employers are not required to offer, but choose to provide to their employees. 3.1. BENEFITS MANDATED BY LAW 3.1.1. Annual paid leave 3.1.2. Working hours 3.1.3. Health and sickness benefits 3.1.4. Retirement benefits
3.2. BENEFIT PROVIDED BY THE COMPANY One of the most important components of running a successful business is keeping employees happy and providing them with enough incentive to maximize their productivity. While there are different ways to accomplish this, offering your employees benefits that go beyond the legal requirements tends to be effective.
3.2.1. Staff loan benefits 3.2.2. Staff allowances 3.2.3. Staff official travel 3.2.4. Staff medical 3.2.5. Staff leave 3.2.6. Flexible work arrangements 3.2.7. Staff education assistance scheme 3.2.8. Other benefits
4. THE CHOSEN BENEFIT We have chosen FLEXI BENEFIT PLANS as our main topic of discussion due to recent changes in our employee benefits which introduced by our company, Etiqa on 1 st April 2014. We take this opportunity to get to know the plans by engaging a dialogue session with the key personnel in our Human Capital Management on 8 May 2014 2 . We have been briefed on the key points related to the Flexi Benefit Plans which will be explained thoroughly in this paper. We anticipate most of
employees are not aware of the benefits which may lead to confusion therefore the beauty of the benefits may be mistreated by them. 5. WHAT IS FLEXI BENEFIT PLANS? Traditionally, employees were provided by the employer a standard coverage through out the company which usually on compulsory basis and this practice remained unchanged for many years. They offer an equal benefits for all staffs, relatively simple administration, they are easy for employees to understand and offer the lowest cost possible. The disadvantage is that employees vary widely in their use of the plan and therefore the value they place on it.
Therefore, to cater these needs, Flexi Benefit Plans was developed with the basic purpose of providing greater choice to the employees in the late 1980s. This plan offers broad coverage which includes legally-required benefits, discretionary benefits, company policies and best practices. At first, this benefit plans were introduced in our company to cater for assistant managers position and above also staffs of Information Technology Department back in 2002. Employees are allowed to tailor their coverage to their own specific needs and can also re-direct the benefit dollars to the benefit they will use. This limits the subsidization factor of traditional plans and allows a more equal use of benefit dollars by each employee.
6. THE COMPONENTS OF FLEXI BENEFIT PLANS A benefit system that provides you with the flexibility of customizing your benefits package according to your own lifestyle needs. The components of Flexi Benefit Plans comprises of 4 components as follows (Diagram 1): Diagram 1: Components Of Flexi Benefit Plans BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA
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6.1. CORE BENEFITS There are 5 types of core benefits namely: a. Group Term Life 36 month x salary amount (Core Benefit). Employee allow to purchase additional month maximum up to 12 months. b. Group Personal Accident 36 month x salary amount (Core Benefit). Employee may purchase up to 24 months. c. Annual leave 21 days for those services less than 5 years. For those who services more than 5 years, entitled 21 days leave (Core Benefit) and can purchase up to 4 days. d. Dental & Vision benefit - RM200 for dental and RM100 for vision (Core Benefit) 6.2. FLEXI POINT Each employee will given flexi points accordingly based on their job grade every early of the year. Additional points are also given to those who are married and have childs. Employee may purchase optional benefits to suit the life style. The balance of the unutilized points will be kept in Flexible Spending Accounts (FSA). The points can be carry forward to 31 December of next year whereas the unutilized carry forward points will be forfeited by 1 st Jan of the following year. 6.3. OPTIONAL BENEFITS This has a similarity with cafeteria plans where employee were offered many choice of other benefits such as mobile phone device, domestics helper
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expenses etc. Employees are advised to carefully selected the choices offer by the company as they are taxable and non-taxable benefits. 6.4. FLEXIBLE SPENDING ACCOUNTS (FSA) It is a generic term for reimbursement accounts which allows employees to be reimbursed on a pretax basis for out of pocket health care and dependant care expenditure.
SECTION B
7. THE RATIONALE OF FLEXI BENEFIT PLANS TOWARDS AN EMPLOYER AND EMPLOYEE 7.1. Employers most interested in Flexible Benefits are typically due to following reasons: 7.1.1. To cater workers deferring needs The benefit offerings to address the different stages in employees lives can at times be achieved by restructuring the existing benefit plan spending into more than one modular offering, with different components that reflect the needs of particular employee demographics. The plan design can therefore address the desire for cash, vacation time, cars and career training for those aged 20 to 35; more work/life balance choices, along with life and medical coverage, for those in their late 30s and 40s; and more emphasis on pension and medical for those aged 55 and older. For the young and single, a very basic benefit plan can be offered that provides some money back for the other things that are important to them. 7.1.2. Retaining existing staffs and attracting new talents BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA
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In the emerging business landscape, flexible benefits have a distinct advantage for organizations that are determined to attract the generation of workers who value greater choice in all aspects of their lives. Implementing a flexible benefit plan that allows more employee choice was seen as the top benefit strategy for employee retention and satisfaction 3 . 7.1.3. Competitive advantage Flexi Benefits Plan allow employees to choose the mix of health insurance and other benefits that suits their personal needs, while it increases the employers control over total benefit spending. The cost-shifting aspect of flexi plan can reduce employer expenditures as health care costs continue to rise. For instance, several companies in Singapore, Malaysia, Hong Kong, Taiwan, China and Thailand have implemented Flexi Benefits plan that can be a powerful weapon in a strategic business collection, providing Asias organizations with a truly competitive edge. 7.1.4. Costs saving Company introduce and assign flexi points entitlement to each employee according to the job grade. Hence, a company has set a limit to each individual for them to spend wisely on benefits. Employee will only purchase on benefits that they really required. In addition, management are able to reduce the administration cost as the purchase transactions are via online systems and self approval. Moreover, management expenditure on benefits can be forecast and structure effectively. 7.1.5. Reduction of moral hazard Unlimited Medical benefit is given to all employee as part of their core benefits. However, the co-payment is chargeable for each visitation to General and Specialist Practioner amounting to RM5 and RM10. Employee are allowed to reimburse the amount up to RM45 and RM90 using the flexi points in the flexible spending accounts. This is to ensure
employees do not violate the medical benefits by taking false medical certificate as this will reduce their net income.
7.2. Employees may attracted to Flexible Benefits due to following reasons: 7.2.1. Flexibility With flexible benefits, plan members are able to choose the benefits and the level of coverage that's right for them. Rather than provide a defined (one size fits all) package of benefits under a traditional benefits plan, it offers employees with several benefit options. Employee use flexi points allocated by the plan to purchase their benefits coverage, with different levels of coverage provided for each benefit type. They can reduce or opt out of coverage they dont need and enhance coverage that more relevant to them. 7.2.2. Effective tax management Taxable and non-taxable benefits are offered within the Flexi Benefits Plan. Thus, employee has self-control in managing tax effectively by selecting non-taxable benefits during purchasing decision. This may help in increasing their net income and reducing tax payable while enjoying the benefits that provided by the company. 7.2.3. Tailor to employees lifestyle Employee should be able to plan the utilization of the Flexi Benefits Plan according to their needs and wants. They are permitted to spend the balance of flexi points in the flexible spending accounts to meet their lifestyle requirement such as for youngster the points can be reimbursed for their phone bills, fitness membership fee meanwhile for family with kids may want to spend their points for vacation expenses and child educations. 7.2.4. Longer period of non-forfeiture flexi points Traditionally, employee are allowed to carry forward some of their benefits up to Mac next year and will be forfeitured if unutilize. Conversely, flexi points has extended its non-forfeiture period of the points up to 1 year, BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA
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which means employee can carry forward to the following year and to be utilized before 31 Dec. Diagram 1: Rationales for having Flexi Benefits plan
8. CHALLENGES IN IMPLEMENTING THE FLEXI BENEFITS 8.1. Complexity of administration Keeping track of employees' choices adds administrative complexity to a benefits program. Depending on the degree of choice, the plan may need to use some sort of electronic enrollment tools. Whether you decide to use a tool available through your insurer, consultant, third-party administrator, purchase and Human Resource information system add-on or build something in-house, it's going to come with a cost, which typically includes both set-up and ongoing maintenance fees. The larger the organization, the more economical these fees become on a per capita cost basis as fixed costs can be spread out over a larger group. You're also going to need more resources to administer the Flexi Benefits Plan, so you may either need more staffs, more reliance on your consultants or both. 8.2. Cost According to the Employee Benefits/Towers Watson Flexible Benefits Research 2012, 67% of respondents cite the cost of implementation as being a barrier to having a Flexible Benefits Plan, while 56% say it is the cost of administration BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA
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and 46% the cost of the technology. In setting up and running a Flexi Benefits Plan employers may need to accept a cost from an adviser or consultancy. Employers will have to pay an ongoing licence fee for the technology. The cost of communication will depend upon the amount and also the medium used throughout the awareness program. A badly communicated scheme will not fulfil its purpose of which there can be many, from employee empowerment to benefit cost control if employees do not understand and value it. The survey mentioned earlier highlights that around 75% of firms outsource the ongoing administration to the third party provider or technology provider. There will, though, be a cost for this which is usually expressed as a per-head fee, on top of any licence fee. 8.3. Resource Constraint Excellent service providers are also key to the success of Flexi Benefits Plan as they can ensure smooth functioning of the plan and sufficient support to employees in terms of the selection and on-going management of their benefits. As a comprehensive benefit platform, Flexi Benefits Plan may require many service providers to fuel its operation such as insurance companies, medical check-up centers, pension trust companies and flexi system operators among others. However, considering the fact that it places higher requirements on service providers, companies need to be more cautious in vendor selection. Insurance companies, for instance, what needs to be evaluated are not only their traditional services (claim settlement, insured registration and administration, etc.), but also their capacity to connect with the flexi benefits system and provide relevant support. Besides that employers also require a trained or specialist staffs to roll out admintrative, processes and decision making internally. 8.4. Demonstrating ROI The return on investment (ROI) from a successful transition from traditional benefits to Flexi Benefits is often linked to a high performing workforce in the companies. When companies have the right people on board and are able to keep them, a happy and productive workforce becomes a pillar to success. Flexi Benefits certainly contribute to secure employee retention and high morale. The BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA
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approach has proved to be a strategy to reinvent your employee benefits program to help meet the challenge in retainning employees. 8.5. Tax issues The tax situation for benefits is complex and collection methods vary between organisations. Some benefits (such as life assurance) attract no tax whereas others are regarded as a benefit in kind and are taxed accordingly. Depending on the arrangements that an employer has made with the Inland Revenue, these benefits may be taxed at source, through an amended tax code or other. It is important that the tax implications of any selections are made clear to employees. 8.6. Employee communication Increased complexity requires increased employee communications. The last thing you want to do is spend a lot of money, time and resources to develop a new flexi benefits plan and not follow through with a robust supporting communications campaign. Studies have shown that employee satisfaction with their benefits is directly correlated with their understanding of the program.
8.7. Technology Flexible benefits technology has come a long way since it made its first tentative appearance in the employee benefits arena more than two decades ago, and it continues to evolve rapidly. New developments in technology, systems and software have transformed the way Flexi Benefits are devised, administered and used. Most notable are the changes that enable organisations to offer their staff much greater choice, not just in terms of which benefits to choose, but also in the way they make their choices. Todays flexi schemes go beyond providing access from an office desktop terminal or an employees home computer. The age of internet browsing on the go has resulted in increased demand for platforms to be compatible with mobile devices, as well as having applications (apps) that can be downloaded by staff. In fact, one of the key drivers of the latest developments in flexi technology is the proliferation of smartphones and tablets that enable people to manage their benefits choices on any device, any BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA
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time, anywhere. The trend towards mobile technology has seen more employers invest in developing and upgrading their platforms and systems, leading to greater competition in the industry and products that have more features than ever before. This, in turn, has made it much easier for employees to integrate benefits arrangements into their everyday lives. Diagram 2: Challenges in setting up the flexi benefits plan by percentage
9. COMPARISON TRADITIONAL BENEFITS AND FLEXI BENEFITS
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10. ADVANTAGES AND DISADVANTAGES OF FLEXI BENEFITS 10.1. Advantages 10.1.1. Employees choose benefits to meet their needs, and value these benefits more highly. 10.1.2. Employers and employees share the responsibility for providing benefits. 10.1.3. During periods of change (including merger and acquisitions), Flexible Benefits can help to harmonise rewards. 10.1.4. Employers provide benefits at a known cost that is fixed regardless of the choices that employees make thus allowing them to cap future benefit costs. 10.1.5. Employees have a true idea of the full worth of the benefits package they receive and employers do not provide benefits that are not valued. 10.1.6. Employees are given a sense of control and involvement by having a choice. 10.1.7. Dual career couples avoid having benefits duplicated by their respective employers. 10.1.8. Employers are seen to be more responsive to the needs of an increasingly diverse, demanding and ageing workforce. 10.1.9. A competitive benefits package is valuable in attracting and retaining key personnel. 10.1.10. The awarding of benefits such as company cars becomes less divisive. 10.1.11. Helps to align the total reward strategy to the Human R and business strategies 10.2. Disadvantages 10.2.1. Financial hardship BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA
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Employees may delete some benefits to significantly "load-up" on others in Flexi Benefits Plan. However, some may make poor choices, leaving them vulnerable to financial hardship. 10.2.2. Significant cost involve for any changes in the plan Employee benefit plans of all types are fairly complex, particularly when there are numerous elements to the package. For example, any time a company changes medical, vision or dental plans, the process is generally accompanied by significant portions of paperwork and cost to facilitate the changes.
11. IMPACT FLEXI BENEFITS TOWARDS ORGANIZATION 11.1. Employee Enggagement According to a survey conducted by Life Insurance Marketing Research Association (LIMRA), 63% of employees rated benefits as an important factor when comparing job offers from two separate companies. As more Generation Y is entering the market and Baby boomers extending their retirement age, it is becoming more common to have workplaces where you have both generations working together. By offering flexible benefits, you are giving your employees the opportunity to choose packages that best satisfy their unique needs. A conscious engagement effort made by employers and employees in ensuring both parties are able to determine a benefits package that is mutually beneficial will provide them with a healthier and happier workforce while lowering the costs on benefits but still making sure that everyone is being covered properly. 11.2. Job Satisfaction Employer has to ensure the changes provide meaningful choice that improvise program satisfaction for the majority of the employee population. It is believed that in many of cases the same level of employee satisfaction could have been achieved at a fraction of the effort and cost by making a few minor plan modifications, adding some flexibility with a BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA
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simple heath spending account and supplementing these changes with a solid communication campaign. 11.3. Employee Satisfaction Flexi benefits plan may enhance satisfaction by making employees more aware of the nature and value of the benefits. It also promote an ethical organizational climate by providing employees with more choices as alternatives are made available to employees to overcome the constraints faced in the traditional plan and in ensuring quality of work life. When employees are allowed to participate in their organizations decision- making processes, they often developed positive, attitudes toward the organization, as well as they are committed to the employer, remain with the employer, and perform their jobs well, this in turn leads to strong organization performance 4 . For instance, the leading pharmaceutical company AstraZeneca's 2010 focus group study shows that after implementation of flex,i benefits plan the employees' engagement level reached 93% and the satisfaction level 86%, a record high. 11.4. Organization Commitment One of the challenges facing modern organizations involves maintaining employee commitment in the current business environment. Research suggested that mandatory and fringe benefits and also family-responsive benefits were having significant and positive relationship with organizational commitment also lowering intentions to turnover. Employees perceptions about their benefits are related to job satisfaction and organizational commitment. 11.5. Intention To Quit Several studies have confirmed the important role of Organizational commitment as a major antecedent of intention to leave; they found a significant negative relationship between organizational commitment and
4 The Impact of Flexible Benefits Plan on Organization Commitment and Intention to Quit, Dr. Zoubeir Ayache, University Larbi Ben Mehidi,Oum El Bouaghi, Algeria, May 2014 BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA
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intention to leave 5 . Research suggest that employees who are strongly committed are those who are least likely to leave the organization. Flexi benefit plans can enhance satisfaction, sustain loyalty, retain frontline workers, improve service quality and discourage employees from leaving. Firms that offer attractive benefit packages tend to retain talented employees and reduce employee turnover.
SECTION C
12. RECOMMENDATION FOR IMPROVEMENT OF BENEFITS 12.1. Communication Communication is the key to success. Employers must be willing to commit significant resources to promoting and explaining the plan. To maximize the impact of the plan, organizations are developing sophisticated communication programs to explain to employees the advantages of their benefits such as Flexi Benefits booklet, awareness program, email blast, one-to-one session etc . Raising awareness before putting in a flexi benefits plan is the most crucial implementation elements as
5 The Impact of Flexible Benefits Plan on Organization Commitment and Intention to Quit, Dr. Zoubeir Ayache, University Larbi Ben Mehidi,Oum El Bouaghi, Algeria, May 2014 BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA
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this will influence the employee engagement in taking-up benefits otherwise the entire investment is pointless. 12.2. Administrative Support Putting in place sufficient administrative support prior to launching a flexi benefits plan is vital. Therefore, staff specialists should be assigned to this function. Planning out the program is not the only requirement but control of costs should becoming a major goal. 12.3. Implementation Period For the plan to be successful, sufficient time must be put aside to implement it properly in order to allow a phased process of communication and implementation to ignite employee interest. The length of time that should be depends on organization readiness, types of industry, budget allocation with estimates varying from12 months to as little as 3 months. 12.4. Careful Planning A feasibility study should already have ascertained an employer's objectives and the attitudes of staff towards the flexi benefits prior to implementation. It is then up to the employer to decide whether to come out with own plan or to work with a specialist provider to design, implement and maintain the plan as they have the advantages of experience, industry insight and contacts. 12.5. IT Advancement Most organisations implementing flexi benefits plan today, using an online or self-service system to reduce the cost and administrative load. However, employers have to ensure they are using the right IT system for their organisation. Therefore, selecting of IT vendors is also important before committing, an User Acceptance Testing (UAT) should be rolled out to safeguard from the technology not being able to perform the task. On the other hand, IT project management is an essential to keep the program implementation on track and meeting objectives.
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2. CONCLUSION In summary, the traditional benefits that people knew 10 to 20 years ago are long gone. With a greater drive towards integration into single platforms, flexible benefits now encompass so much more than just standard benefit selections. In Etiqa, Flexi benefits plan is the sort of strategic Human Resource solution that can have a major impact in winning the war for talent and containing costs. Several companies in Singapore, Malaysia, Hong Kong, Taiwan, China and Thailand have moved into implementing the plan. It all comes down to understanding what employees need and value and repurposing the benefits spending accordingly. It calls for the creation of a culture of health through wellness programs and benefit plans. Moreover, it calls for choice in benefit plan design to address diverse workforce needs and generate greater employee engagement within the organization. These basic benefits strategies have the potential to address the key drivers of talent attraction, retention and engagementnot only in Asia, where the war for talent is fiercest, but also on a global basis, as multinational firms face a freshly competitive future in every geography.
Diagram 3: Readiness of Flexi Benefits Plan in several countries
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3. REFERENCE 3.1. The Impact of Flexible Benefits Plan on Organization Commitment and Intention to Quit, Dr. Zoubeir Ayache, University Larbi Ben Mehidi,Oum El Bouaghi, Algeria, May 2014 3.2. Flexible Benefits Research 2013, Tower Watson 3.3. Flexible Benefits Plans: Employees who have a choice, Monthly Labor Review, Dec 1989. 3.4. Flexible Benefits: An Effective Prescription in China, HR Connect Asia Pacific, Health & Benefits Practice, Aon Hewitt 3.5. The Global Added Value of Flexible Benefits, Benefits Quarterly, Fourth Quarter 2011. 3.6. Staff Medical Benefits Policy, Etiqa Insurance & Takaful Bhd, 17 May 2013 3.7. The rise of HR in the new Asia, 13-14 April 2010, Mercer 3.8. Flexible Benefits-Can you afford not to introduce them? 2011 Latin America and Carribean HR forum, Mercer, Elva Rios Mexico City. BWRR3043 EMPLOYEE BENEFITS PLK-UUM-ETIQA