Flexible Benefit

By : Juwita Kusumawaty Juneanto

Head of Reward DBS
Table of Contents

• What is Flexible Benefit

• Drivers of Flex

• Flexible Benefit in DBS

• Background of Development

• Types of Flexible Benefit in DBS

• Flexible Benefit Dashboard

• Claim Processing

• Q&A
Mentimeter

Insert link Mentimer

 What is Flexible Benefit

• Flexible Benefits is a platform that

enables employees to choose a
mix of benefits that is more
appropriate to individual needs.

FLEXIBLE
• Flexible Benefits is repackaging
BENEFITS some part or all of an employee’s
benefit elements with costs
controlled by employer.
CORE
BENEFITS
Drivers of Flex
• Meet employees’ needs as workforce becomes more diverse

• Maximize value of benefit spend by offering employees the choice of how benefit dollars are
spent

• Differentiate from competitors as employer of choice

• Control escalating benefit costs

• Communicate benefits as part of total rewards package – promote better understanding of costs
and greater appreciation of benefits

• Increase employees’ ownership in the program

• Facilitate benefit program changes

• Manage organizational risk

Types of Flexible Benefit

Cafeteria Benefit Flexible Spending Amount

(FSA)
Background of Flexible Benefit in DBS
Development of Flexible Benefit
• Identify areas in which benefit is not fully utilized

• Evaluate the cost which could be allocated

• Focus Group Discussion with employee representatives (representing various units, representing
across demographics and life cycle)

• Employee Survey

• Management Approval and Support

• Engagement with the Labor Union

• Engagement with the Vendors (Insurance Broker and Insurance Provider) on the administration
and payment

• Socialization and Communication

Flexible Benefit Development
Flexible Benefit in DBS (1/2)

General Flex Training Flex

Employee Employee
Wellness Development
Limit is the same for all employees Limit is differentiated by Level

Additional Limit for Employees

who select Medical Flex Down
Additional Premium borne by
Employees who select Medical
Flex Up
Flexible Benefit in DBS (2/2)
Extended Coverage for General Flex Ben 2023
Flexible Benefit Terms and Conditions
Tax Treatment

Subject to Tax Sports

Work
Not Subject to Tax
Essentials
Flexible Benefit Dashboard
View Account Details on Dashboard
Adjudication and Claim Payment Process
Challenges
• Not all items are mentioned in the Guidelines but may be covered, continuous
correspondence and clarification to Rewards Team

• Recently established tax regulation on Tax Treatment for Benefit in Kind which impacted
the amount reimbursed and changed the process of payment for Flex
Overview of Flex 2023 General Flex Utilization 2022 General Flex Utilization
Utilization
• Data shows that all eligible
Category Utilization
employees have made
reimbursement on General
Flex Travel 51.8%

Illness Prevention Items 10.6%

• Top 3 claimable items for 2023
have been:
Optical 9.3%
• Travel

• Work From Home Essentials

• Optical

• Travel and Optical seem to be

consistently top of the
claimable items
Employees’ Feedback on iFlex
Quizzes Questions
1. What is one of the background that companies are starting to implement flexible benefit
1. Growing company size
2. Diverse / multi-generational workforce
3. Retaining employees

2. What are the philosophies of General Flex and Training Flex in DBS?
1. Personalized happiness and Accumulation of Knowledge
2. Personal Wellness and Personal Development
3. Mental Wellbeing and Completing target Training Hours

3. What is one of the advantage of having Flexible Benefit

1. Less Administration
2. More benefit for employees
3. More Flexibility to choose the benefit to suit employee’s needs
Questions
and Answer

22
Thank You