Bank of Singapore takes action against employees for misusing medical benefits
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![CMG20240314-HengYY01 / 王彦燕 / 新加坡银行 Bank of Singapore [ 63 Market St, #22-00, Singapore 048942 ]
caption: The Bank of Singapore is the private banking arm of Oversea-Chinese Banking Corporation (OCBC). Formerly known as ING Asia Private Bank, it was acquired by OCBC in 2009 from ING Group for US$1.46 billion. 新加坡银行（Bank of Singapore）是一家总部设于新加坡的私人银行，是东南亚第二大银行华侨银行的全资子公司，原先称ING亚洲私人银行（ING Asia Private Bank），2009年被华侨银行从ING集团以14.6亿美元的价格收购，其业务主要在亚洲及中东。](https://cassette.sphdigital.com.sg/image/straitstimes/a90c6f6bab37c68a124ddee91dbf5c4286a5db94d26ea0c11e459b79e9ea3aa1?w=480)
Bank of Singapore is understood to have let go of up to 40 employees last week, according to eFinancialCareers.
PHOTO: SPH MEDIA
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SINGAPORE – The Bank of Singapore (BOS) has uncovered cases of misuse of medical benefits by its staff, and up to 40 employees left the bank last week.
Hundreds were involved in the internal investigation by the bank, and some were believed to have been sacked.
The investigation was first reported by finance industry career portal efinancialcareers.com on April 24.
In response to queries from The Straits Times, a BOS spokesperson declined to provide details, citing confidentiality.
But the spokesman added: “Where wrongdoing is alleged, the matter will be investigated and reviewed according to the bank’s investigative and disciplinary framework.”
CNA reported that BOS, the private banking arm of OCBC, launched an investigation in 2023 into employee medical claims involving one of its company panel clinics.
ST understands the clinic in question is Thompson & Thomson (RadLink Medicare), which is located in CIMB Plaza. It is one of the panel clinics under Fullerton Health.
BOS’ medical insurance scheme allows employees to claim up to $10,500 for medical and dental expenses.
The list of claimable items is believed to include outpatient consultation and medication issued by a general practitioner or specialist, non-aesthetic dental services, vaccinations, X-rays and blood tests.
Some of the items for which staff submitted claims reportedly included supplements, bird’s nest and skincare products, which were not permitted.
It is unclear what triggered the investigations, and BOS did not answer ST’s queries on how internal claims checks were made and why the misuse of benefits was not discovered until recently.
But ST understands that staff who were found to have misused their medical benefits were told to repay what they claimed.
Some also did not get any bonuses given by the bank.
The BOS spokesperson said the bank has a “fair and robust process” in place and staff involved will be “given the time and opportunity to be heard”.
“Should any wrongdoing be found after the conclusion of investigation and necessary disciplinary inquiry, the appropriate disciplinary actions will be undertaken,” the spokesperson added.
