We know that there are some residents who are concerned about getting vaccinated now that the Pfizer-BioNTech is available in Bermuda. In this article, I will outline some of the main benefits.

To start, let me speak about vaccines in general. Globally, vaccines save millions of lives each year and prevent countless more from contracting a variety of viral diseases. Indeed, the only human disease ever to be eradicated (Smallpox) was by vaccination. After clean water and good sanitation, vaccination is the single most important action an individual can take to protect themselves and their loved ones. This has never been more important as we seek to reduce the social, economic, and health impacts of the COVID-19 onslaught.    

The COVID-19 vaccination will help keep you from getting COVID-19 disease.

All COVID-19 vaccines currently licenced have been shown to be highly effective at preventing COVID-19. Indeed, the Pfizer vaccine that we currently have has been shown to be 95% effective when individuals take the two doses that are recommended.

Getting vaccinated yourself will also protect people around you.

If sufficient people in the country are vaccinated, the virus is less able to spread as the number of susceptible people is low, creating dead end infections. This means that you are not only able to protect yourself but also help protect the people you interact with, especially those at increased risk for severe illness from COVID-19. Those individuals in higher risk groups include the elderly and those who are extremely clinically vulnerable. If you have any questions about your vulnerability, please talk with your primary care physician.

COVID-19 vaccination is a safer way to help build protection

Getting COVID-19 may offer some natural protection, known as immunity. However, experts don’t know for sure how long this protection lasts, and the risk of severe illness and death from COVID-19 far outweighs any benefits of natural immunity. COVID-19 vaccination will help protect you by creating an immune response without having to experience sickness. Protection from the vaccine has been shown to be superior to that from natural infection.

COVID-19 vaccination will be an important tool to help stop the pandemic

Wearing masks, physical distancing, good hand hygiene, and downloading the WeHealth Bermuda app will help reduce your chance of being exposed to the virus or spreading it to 

others, but these measures are not enough. Vaccines will work with your immune system so it will be ready to fight the virus if you are exposed. We owe it to ourselves, to our loved ones and to the Bermudian community at large to use every tool at our disposal to try and slow the spread of the coronavirus.

For information on vaccines and how the COVID-19 vaccination will be administered, as well as frequently asked questions on the vaccine, visit www.gov.bm/vaccines.

To register your interest in receiving the vaccine go to https://forms.gov.bm/covidvaccine

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By Carla Seely

When a new business starts up on the island, one of the many items on the ever-increasing checklist is the topic of employee benefits. Understanding what is required by law, what is considered an added benefit, or deciding between using a single provider or splitting between different ones, is all part of the research. The benefits an employer provides to its employees will have a big impact on employee retention, so understanding your corporate responsibility and the industry standard is essential.

As Richard Branson, founder of the Virgin Group, once declared: “Take care of your employees, and they will take care of your business”. As an employer, you’ll discover one of the largest expenses is health insurance for employees, not just in Bermuda: health insurance costs are challenging globally. An employer’s responsibility is to ensure employees have good-quality insurance that meets the needs of its workforce. However, providing health insurance is only one element; a company should also implement wellness programmes. Investing in a workplace wellness programme can improve the company brand, build loyalty with its employees and reduce sick time.

Effective as of  January 1, 2000, a mandatory pension scheme was established in Bermuda, requiring companies based in Bermuda, or wishing to set up in Bermuda, to create a company pension plan for their employees (Bermudians and spouses of Bermudians). There have been amendments to the Pension Act over the past eighteen years, the same binding principle still exists –– providing retirement benefits. Most employers now offer a pension plan to all employees regardless of their status, which shows employers recognise the value in helping their employees towards their retirement goals.

Life and disability insurance, although not a mandatory benefit, is something that is typically offered by most employers. However, it is important to note that since life and disability insurance is not mandatory, there will be eligibility requirements –– some of which the benefit provider will set and some of which the employer can request.

Once you have decided on the type of benefits you wish to offer your employees, the next decision is whether you bundle the benefits (use one provider for all) or unbundle the benefits (use the best provider for each type of benefit).

A great way to figure out what your workforce is looking for is to hold a “town hall meeting”, where you find out what is important to them, i.e. essentially which products and services they are looking for in today’s environment. Once you have the information from your staff, it is time to tender a request for proposal (RFP) for all your employee benefits, and we normally recommend doing this every few years. Once the RFPs come back, sift through the information and determine what options are available. Perhaps you will stay put, but perhaps you will discover a much better offer for each benefit.

Changing benefit providers is not as painful as you may think. Yes, it generates paperwork, but benefit providers are experienced with the process, which is streamlined and well regulated.

At the end of the day a happy employee is a productive employee, which is what any employer wants.

Carla Seely is the Vice President of Pension and Investments at FM Group.

This article was originally published in the September 2018 edition of the RG Business Magazine. 

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