Singapore Bank Fires Workers Over Misuse of Medical Claims: CNA
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 27 2024
0mins
Source: Bloomberg
- Bank of Singapore Ltd. Investigation: Bank of Singapore Ltd. fired up to 40 employees due to the misuse of medical benefits, including ineligible items like skincare products and bird’s nest.
- Investigation Details: Hundreds of employees were involved in an investigation that started last year regarding the misuse of insurance claims.
- Disciplinary Actions: The bank stated that staff involved in wrongdoing will be investigated fairly and disciplined accordingly.
- Financial Impact on Employees: Employees were required to return money for claims, impacting bonuses and cost-of-living support for junior staff members.
- Ongoing Investigations: OCBC is conducting its own investigation into the matter related to the insurance plan allowing claims for medical and dental expenses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
