TAKAFUL Brunei Darussalam Sdn Bhd (Takaful Brunei) has introduced the Takaful Guarantee for Foreign Workers for companies who substantially employ foreign workers (excluding Domestic Maid) to work in Brunei Darussalam. Under the Brunei Darussalam Labour Department’s regulations, the employer is required to provide a security deposit for the employment of foreign workers.
According to a press release, Takaful Guarantee for Foreign Workers is Takaful Brunei Am’s (TBA) product which is relevant to the new deposit method of Jaminan Insurans/Takaful Pekerja Asing or JITPA, recently introduced by the Labour Department, as an alternative to cash deposit and banker’s guarantee to the Labour Department for the employment of foreign workers.
This TBA’s takaful guarantee is to cover the payment on the repatriation expenses of the foreign workers, in the event that the employers fail to repatriate their foreign workers to their country of origin including the payment of daily subsistence, accommodation and medical expenses, as per requirement by the Labour Department and stipulated in the Rules 6 of the Labour (Immigrant Workers’ Employment Licenses) Rules, Labour Act (Cap 93) and Section 112 of the Employment Order, 2009.
Takaful Guarantee for Foreign Workers aims to reduce the burden of employer in paying the security deposit for foreign workers, where they only pay the takaful contribution depending on their employees country of origin.
The advantages for having a Takaful Guarantee for Foreign Workers as oppose to the current method of cash deposit and banker’s guarantee are:
Employer will only have to pay a small portion of the guarantee amount ie as takaful contribution (premium) – Employer will have more cash to be used as their working capital to roll their business; No cash collateral required by TBA for having and participating in our Takaful Guarantee for Foreign Workers as compare to having banker’s guarantee; Faster approval of application with policy issuance on the spot; Special Package discount on takaful contribution for employers who participate in TBA’s Workmen Compensation Package takaful.
The period of takaful coverage follows the validity of Work pass / Special Approval as approved by the Labour Department with an additional of six months.
For the added convenience of customers who wish to apply and participate or enquire regarding the Takaful Guarantee protection coverage, TBA will now have a counter at the Ground Floor of the Labour Department, Jalan Menteri Besar. Roadshows have been conducted in all four districts starting with Tutong District on August 11, Kuala Belait District on August 18, Brunei-Muara District on August 25 and Temburong District on August 31 to create awareness of the new changes in policy and methods of payment by the Labour Department. Currently, TBA is the only takaful company which provides the Takaful Guarantee for Foreign Workers.
TBA’s counter at the Labour Department will also be giving services such as renewals, quotations and payments for retail products such as Workmen Compensation Package, Comprehensive Home Package, Motor Coverage and Musafir Takaful to name a few.
The statement also said Takaful Brunei Darussalam Sdn Bhd over the years has provided various employee/employer protection solutions. “Takaful Brunei continues to innovate the Brunei Darussalam Takaful and Insurance industry from improving the scope of existing protection plans to developing newer plans to adapt to the ever changing needs of the country.
“Through tedious and rigorous underwriting to ensure that companies are provided with plans and schemes to fit their needs, such as TBA’s Workmen Compensation and Professional Indemnity schemes to Takaful Brunei Keluarga’s (TBK) Group Term-Life and Group Hospital & Surgical plans.”