Employee Compensation Insurance or EC Insurance is a liability cover specific for businesses with hired workers. This is mandatory…
A Resolution was passed at the Legislative Council meeting last March 17th, 2021 to change the levels of compensation of nine (9) compensation articles under the Employee’s Compensation Ordinance. This is a compulsory provision and all employers must comply.
Employers will have additional liability starting April 15, 2021.
What you should know:
> Your insurance provider will have to charge an additional premium estimated at around 2% of the initial cost up to the end of your Employee Compensation Insurance policy.
> Additional gross premium will be acquired.
> Additional gross premium less than HK$200 will be waived
> Employees’ Compensation Insurance Levies & Premium Levy (if applicable) will be charged on top of additional gross premium
Items under the Employees’ Compensation Ordinance
The increased levels of compensation will enhance the protection for employees injured at work or sufferers of occupational diseases as well as family members of deceased employees or persons who die of work injuries or occupational diseases.
For more information about how the new ordinance will affect your current policies, get in touch with us today.