00:03This is intended to help elevate the significant financial burden faced by employers who have
00:13invested in recruitment, placement and onboarding costs.
00:18In addition, the policy includes hospitalisation as surgical for domestic workers, extending
00:25beyond work-related injury to also cover illness.
00:30The scheme further provides weekly compensations for up to 12 weeks in cases where a domestic
00:37worker is medical certified as unfit to perform duties due to illness or injury.
00:44This initiative was developed in response to a structural gap in current domestic worker
00:52recruitment system.
00:53The objective of this insurance is not to commercialize risk but to provide a fair and
01:01balanced protection mechanism for both employer and domestic workers.
01:06This insurance is designed to bridge up that gap and provide a more balanced protection framework.
01:13So today, you can witness first in Malaysia to launch a fully digital domestic workers'
01:23insurance program which is a group personal accident product master policy holder by
01:31Papa and the distribution can be done only through the Papa's membership and agency.
01:38This unique proposition of foreign workers' insurance got seven benefits.
01:47And the two benefits that are most outstanding is abscondment which every employer in Malaysia
01:54face where we spend so much of money, 15 to 20 thousand dollars and after a few months,
02:00the maid run away, right?
02:03And as what Mr. President says, the warranty period is three months from the agency.
02:08With this extension of coverage, I believe it will give a peace of mind for the employers and also to
02:15the agency.
02:16The second main benefit that is very unique and first in Malaysia as well is the benefit of medical
02:24hospitalization and surgical.
02:27The admission into private hospital is being able to allow in this product.
02:33Through this partnership, Papa member agencies will be able to offer enhanced value-added services
02:39to employers while improving worker welfare and reducing employers' financial burden
02:44from the medical expenses, accident, disability and various.
02:48There is a question from the floor.
02:50You guys, the differences between the PTCSO coverage and this policy insurance coverage.
02:57Yeah, so PTCSO is actually considered an informal sector.
03:02So even though they have subsidized for the PTCSO, but PTCSO will be covered for insurance,
03:09not illness.
03:10So these are a few of the gaps.
03:14So at least for moderate illness, at least you can cover at least in the public university,
03:27so we have put in a lot of effort to negotiate with GMAT and GMAT to negotiate your multiple
03:34insurance company.
03:35So that's why now today we achieve this historical moment.
03:41Sir, is it compulsory for Papa members to adopt and also does Papa purchase for the employers
03:49or do the employers purchase themselves?
03:51Sir, we encourage the APS to purchase for the customers.
03:56So even though with a little bit cost, so we will talk to our members, ask them to purchase
04:03for them because basically every agency, they have purchased the insurance for their customers
04:08generally.
04:10So we hope that it will be purchased by the agency.
04:17Of course, we hope that the embassy will, if the embassy find that it is good, it will be
04:23beneficial to your citizens.
04:26So we hope that the embassy can be compulsory for the renewal and so on.
04:33So because we need, we need more room to sustain this policy.
04:37So if we don't have the crowd to support this, so this insurance cannot sustain.
04:42So the premium, average premium for this benefit, the seven benefit is around 200 ringgit
04:48per year.
04:49Per year.
04:50So I think it's a very reasonable price, pricing that we have done.
04:55As you know that the market for foreign workers, foreign workers' meat is not a huge
05:02like foreign workers, right?
05:03So we always work on the front term, that is average price.
05:07Okay.
05:08So can we say the repatriation cost, we believe that Picasso also has repatriation cost.
05:13Yes.
05:13So are you going to pay on top of the Picasso claims or how is it going to be?
05:17No.
05:17So it will be either one.
05:19First, I think Picasso will pick up the initial things.
05:23This repatriation that we have cooking is only due to accident.
05:27Due to accident.
05:29Yes.
05:29So it covers 100 per keso, so that we didn't bring him to this thing.
05:36Okay.
05:36So the repatriation is only due to accident and purpose.
05:39Yes.
05:39Not for sickness and purpose.
05:40Okay.
05:41And then the death and permanent disability, what is the death that happens during their holiday
05:45and then they go back?
05:46It covers in, as long as they're in Malaysia, it's covered only in Malaysia.
05:50It covers only in Malaysia.
05:51That means they, at every time, they must be in Malaysia.
05:53Yes.
05:53This product is uniquely designed, curated only for Papa agency members.
05:59And it is under a group personal accident product.
06:02So no other agencies can sell unless Papa become a member of Papa.
06:11Or Papa give a consent for the agency.
06:15So we wanted to regulate these things because we believe Papa is the main driver for this
06:23maintain the standard of foreign workers in Malaysia.
06:26Thank you very much.
06:28So, thank you very much.
06:37So,
06:37thank you very much.
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