Frequently Asked Questions

Retrenchment Benefit Claim

• Q:What is retrenchment?

  A:

  Retrenchment and retrenched mean losing your job as a result of redundancy or because your employer's profession, business, trade or work is being reorganised.

• Q:What are the exclusions of the retrenchment benefit?

  A:

  If you are retrenched, for this benefit to apply, you must meet all the following conditions:

  • You must have paid at least six months' premium

  • Your retrenchment must have taken place no earlier than six months after the cover start date

  • You have not been able to find employment for three months in a row after being retrenched

  
  

  You will have to pay premiums for the month that you start permanent paid employment and this benefit will end. You can claim for the retrenchment benefit only once under the policy.

  
  

  We will not pay this benefit if your claim arises from:

  • retiring, leaving after a probation period, resigning or being dismissed;

  • suffering a psychological condition, disability or illness;

  • taking part in a labour dispute;

  • coming to the end of an employment contract;

  • being involved in a staff-reduction programme or unemployment you knew was going to happen before the cover start date;

  • being employed for less than six months by an employer; or

  • being employed by an employer not incorporated or registered in Singapore.

  
  

  Do refer to your policy document for the full set of exclusions.

• Q:When should I submit the retrenchment claim?

  A:

  You may submit the retrenchment claim after 4 months from your date of retrenchment. Please note that your CPF Statement must show last 6 months' contribution prior to retrenchment and cessation of contribution for at least 4 months after date of retrenchment. 

• Q:If my policy is assigned, is the retrenchment benefit also applicable to the Assignee and how do I submit the claim?

  A:

  This benefit is only applicable to the Policyholder as stated in the policy document. The Assignee may submit the claim online via My Income Customer Portal or email us at csquery@income.com.sg..

• Q:The company that I had worked for is not registered in Singapore. Can I still claim the retrenchment benefit?

  A:

  No. To claim for this benefit, you must be employed by an employer incorporated or registered in Singapore.

• Q:I was a contract employee and my employment contract was not renewed. Can I claim the retrenchment benefit?

  A:

  No. This benefit does not apply when the termination arises from the ending of an employment contract.