Bank of Singapore uncovers misuse of medical benefits; fires some employees
A woman walks past a Bank of Singapore office in Singapore on March 31, 2022.
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BY TANG SEE KIT & DAVINA THAM
Published April 26, 2024
Updated April 26, 2024
SINGAPORE — The Bank of Singapore (BOS) has conducted a wide-ranging investigation into the misuse of medical benefits by staff who made claims for ineligible items such as bird's nest, sources have told CNA.
"Hundreds" of employees were involved in the investigation which ultimately led to some people being sacked, according to three OCBC Group employees who spoke to CNA on condition of anonymity on Thursday (April 25).
BOS, the private banking arm of OCBC Group, launched an investigation last year into employee medical claims involving one of its company panel clinics, the sources said.
Those involved were found to have submitted claims for bird’s nest, skincare products, supplements and toothbrushes – items that are excluded under the company’s medical benefits.
They were told to pay back the money for these claims.
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The “more serious cases” also had disciplinary outcomes that affected people's bonuses. They also did not receive a one-off cost-of-living support of S$1,000 for junior staff across OCBC Group, CNA was told.
CNA has contacted BOS with questions about the dismissals and the irregularities in staff medical claims — news of which was first reported by financial services careers website eFinancialCareers on Wednesday.
The article by eFinancialCareers said that BOS had sacked up to 40 employees last week after an investigation of past medical claims. A source with knowledge of the matter corroborated that number to CNA and confirmed that the dismissals occurred over two days last week.
CNA was told that OCBC is also conducting its own investigation, and has contacted the bank with separate questions.
'AS SERIOUS AS DEFRAUDING THE BANK'
According to those who spoke to CNA, the matter had been brewing within BOS for some time, with those involved being called to disciplinary hearings which lasted “a few months”.One employee, who was not involved in the investigation, said staff were told by managers that the incident was “as serious as defrauding the bank” and goes against the company’s key value of integrity.
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The claims were made under the company’s medical insurance scheme, which allows employees to claim up to S$10,500 for medical and dental expenses.
The list of claimable items, which CNA has seen, includes outpatient consultation and medication issued by a general practitioner or specialist, non-aesthetic dental services, vaccinations, X-rays and blood tests.
Expenses that are not allowed to be claimed largely cover those that are not medically needed, such as cosmetic surgery, items such as toothbrushes and toothpaste, as well as care devices like wheelchairs.
CNA understands that BOS did not require itemised receipts for medical claims below S$200.
It is unclear what triggered the investigations, but sources said BOS had asked one of its company panel clinics for its records over the past two years.
CNA understands the clinic to be Drs. Thompson & Thomson, which is located in Raffles Place, and has reached out for comment on Friday.
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Those who spoke to CNA said the clinic has been removed from OCBC and BOS’ list of panel doctors since November.
In an email dated Nov 10, 2023, seen by CNA, OCBC and BOS staff were informed that human resources would no longer reimburse invoices from Drs. Thompson & Thomson dated from that same day.
“The restriction on the reimbursement of claims from Drs. Thompson & Thomson applies to all employees and their dependants of OCBC Bank Limited, OCBC Management Services Private Limited, e2Power Private Limited, OCBC Securities Private Limited, OCBC Property Services Private Limited, Bank of Singapore Limited, BOS Trustee Limited and OCBC Overseas Investments Private Limited,” the email stated. CNA
