iCare Benefits recognized by UNDP as a social impact business
In November 2016, iCare Benefits was approved as a member of an initiative hosted by UNDP "Business Call to Action". The BCtA is a global initiative that aims to support private sector efforts to fight poverty through its core business; it is supported by several international organizations and hosted by the United Nations Development Programme (UNDP).
iCare Benefits joins the Business Call to Action initiative with a commitment to Provide BoP workers across Asia immediate access to essential products and services thus improving quality of life for themselves and their families.
iCare Benefits provides employee benefits in factories and labor-intensive employers, and empowers the most exploited demographics: industrial zones workers in developing markets at the bottom of economic pyramid (BoP), which are up to 80% female, and up to 60% domestic or international migrants. Typically, our members work in a factory 6 days a week, 10-12 hours a day, earning from 70 USD per month in Bangladesh up to 500 USD in Thailand.
With labor reforms like social security and minimum wage, they still struggle to afford basic life changing products and services. Refrigerators and washing machines save working women hours which they can spend resting after long working day or with their families. Smartphones give access to free communication and web-based education. To make purchases of these products and services, workers often borrow informally at high rates as banks don’t cater to this segment.
iCare Benefits provides access to basic life changing products and services by way of an innovative zero-cost employee benefits solution. iCare Benefits offers two payment methods for products and services: (1) cash payment and (2) deferred repayment with up to 6 months installments with no interest, no penalties, and no additional fees. iCB ensures workers are not over-leveraged by reinforcing responsible spending habits through a monthly payment limit of no more than 30% of their gross monthly salary.
Over 90% surveyed iCB members shared that quality of their lives improved thanks to iCB, 81% noted that thanks to the iCare Benefits they were more satisfied at work, and 77% admitted to be more productive at work.