Freelancers in Singapore’s fast-growing gig economy can now enjoy greater security in the unfortunate event of prolonged illness or injury with the introduction of Prolonged Medical Leave (PML) insurance plans by NTUC Income and local start-up GigaCover.
While these insurance plans are available for all freelancers, National Instructors and Coaches Association (NICA) members will enjoy a 50 per cent discount off their first year’s premium.
This was announced by NTUC Deputy Secretary-General (DSG) Koh Poh Koon during The Future of Work 2018 freelancers fair, co-organised by NTUC’s Freelancers and Self-employed unit (U FSE) and ZomWork.
The day-long fair at Marina Bay Sands saw some 500 freelancers come together to network and learn more about the tripartite workgroup recommendations. They also had a chance to seek out opportunities through interactions with representatives from small- and medium-sized enterprises.
Protection for Freelancers
“This year’s U FSE Freelancers Fair also showcases NTUC’s latest efforts to strengthen its support for our freelancers and self-employed persons… It is about bringing our freelancers into our larger NTUC family and ensuring that they also continue to be looked after as part of our labour force.
“We know that many freelancers are self-employed and may not have the adequate protection should they fall ill as they, literally, only earn money when they work. These insurance products are able to cover a certain gap to ensure that our freelancers can also fulfil their aspirations, and not get left out should a prolonged illness or injury happen,” said DSG Koh.
Describing the motivation behind U FSE and NICA’s efforts to better look after the needs of freelance coaches and instructors, NTUC Assistant Director-General and U FSE Director Ang Hin Kee said: “A common concern amongst the freelance coaches and instructors is that their nature of work leaves them susceptible to physical injuries or illnesses, which could easily put them out of work and out of income for a while… Together with NTUC Income and other insurance providers, we have derived a product that will offer policyholders a daily cash premium to protect themselves financially should such an event happen.”
NTUC Income’s PML insurance plans will be available from 17 September 2018. To find out more, visit www.income.com.sg. For more information about GigaCover’s PML insurance plans, email hey@gigacover.com.
