Bank of Singapore fired up to 40 people for medical insurance claims

efinancialcareers.com:

Something seems to be afoot in Singapore, where multiple sources say people have been dismissed from their banking jobs after being asked to repay medical insurance claims.

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Bank of Singapore is understood to have let go of up to 40 people last week after an investigation of its historic medical claims. Staff involved were allegedly requested to repay the money last year and thought that was the end of the issue. They were then, unexpectedly, dismissed. 

One of the individuals let go by the bank said the medical claims date back over the past two years and that they were reimbursed by the insurer before being told subsequently that the claims infringed the bank's medical policy. The bank is understood to have carried out a thorough disciplinary investigation, although some of those involved say they were «pressured into an admission of liability.»

As well repaying money awarded for the medical insurance claims, some of the individuals who've been dismissed say they received no bonuses for last year. «I reimbursed the bank for the full amount claimed, have forfeited my 2023 bonus, and now have a termination record which will affect my future job prospects in the industry,» complains one.   

It's understood that a US bank in Singapore had a similar issue a few years ago and simply made the individuals involved repay the money from the medical claims involved. 

Bank of Singapore declined to comment.

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