Vice President, Benefits Manager (APAC - Location Agnostic) (Job ID: 10071039)

MUFG BANK, LTD. Singapore Branch; Singapore; On-site; SGD 80,000 - 120,000; Full time

Job summary

A leading financial institution seeks a Benefits Manager to design and manage employee benefits programs across the APAC region. This role involves overseeing strategic benefits initiatives, maintaining compliance with regulations, and enhancing employee wellbeing. The ideal candidate will have extensive experience in human resources, especially in financial services, and demonstrate strong analytical and project management skills.

Benefits

Flexible schedule

Employee assistance programs

Health and financial wellness programs

Qualifications

• 8+ years of HR experience in a regulated organization.
• 5+ years of experience in HR Pension and Benefits in APAC.
• Strong understanding of financial services regulations.

Responsibilities

• Manage MUFG-wide benefits related projects and vendor implementations.
• Oversee benefits administration and ensure regulatory compliance.
• Lead benefits governance and communicate updates to stakeholders.

Skills

Analytical skills

Organizational skills

Project management

Problem solving

Education

University degree or equivalent experience

Tools

HR information systems

Microsoft Excel

Job description

Please visit our website for more information - https://www.mufg.jp/english

OVERVIEW OF THE DEPARTMENT/SECTION

The Global Human Resource team is a trusted partner driving a people strategy to support the strategic development of the business through its people. Helping the Business to achieve its objectives by providing expertise in: Recruitment; Reward & Benefits; Learning & Development; Employee Relations; International Assignment Management; Performance Management and Efficient HR Administration.

The Global Benefits Centre of Excellence is responsible for:

• Supporting and advising the business on benefits related matters both on an individual employee and a broader entity / regional perspective; and
• Reviewing and monitoring Benefit related regulation developments and ensuring MUFG's policies and procedures are in place and compliant with the respective regulations.

In undertaking the above, we support and advise MUFG Management, at a branch, regional and global level to enable internal and external obligations to be met.

NUMBER OF DIRECT REPORTS

N/A

Purpose of role:

Based in the Asia Pacific region, design and drive the Benefits strategy and day-to-day management of Benefits and Wellbeing programmes in line with the global direction for the APAC region. Provide support on benefits matters to the business and HR function. Drive the global Wellbeing strategy, with a focus on contributing to the creation of a successful high-performance culture and establishing MUFG as an employer of choice.

Key Responsibilities:

• Manage high profile MUFG-wide benefits related projects including plan analysis, end-to-end vendor implementations, and cost strategy development
• Oversee on-going services provided by out-sourced benefits administration, review and interpret plan documents, service provider agreements and other plan documentation
• Monitor and make recommendations relative to plan designs
• Support departmental and MUFG-wide benefits-related risk management initiatives
• Assist and coordinate with internal and external auditors
• Coordinate annual compliance reporting for multiple plans
• Manage integration, compliance and administration of employee benefit plans of acquired companies
• Support benefit plan governance through relevant regional structure.
• Day-to-day management of the non-cash benefits and vendor management, including but not limited to core risk and Flex benefits.
• Ensure MUFG continues to have competitive and cost-effective benefits policies and practices.
• Lead the annual benefits renewal process (including assisting with relevant benefits market reviews and rate negotiations), and liaise directly with external benefits providers.
• Manage regulatory reviews and implementation for Benefits.
• Lead on benefit projects and initiatives, particularly the moving of administration to MGS.
• Recommend programme development, initiatives and programme changes following relevant governance and approval processes.
• Facilitate implementation of programme changes, ensuring compliance with legislation and partnering with HRSS, payroll and/or external vendors and brokers.
• Responsible for resolving tier three employee queries as appropriate.
• Responsible for market and vendor reviews and benefit renewals.
• Ensure the administration, documentation and member communication comply with legislative and regulatory requirements as well as MUFG policy and processes.
• Ensure relevant training and updates are communicated to the HR, HRSS, payroll and other relevant teams in a timely manner.
• Develop and design the employee communication for the regional pension and benefits offering.
• Manage the ongoing development of utilisation and trend analysis.
• Manage vendor relationships with third party vendors.
• Ensure proper governance, oversight and negotiations of vendor contracts, including appropriate approval processes are in place (e.g. procurement) and SLA measures are established and obtained.
• Attend regular SLA meetings and ensure follow up items are addressed in a timely manner.
• Assist in designing and rolling out employee Wellbeing strategy with the Global team.
• Manage the Wellbeing strategy and work collaboratively with DE&I, Employee networks, CSR and comms to offer a robust and data driven wellbeing strategy.
• Work with international benefits colleagues regarding benefit plans to ensure that policies, procedures and employee guidance are aligned globally.
• Work closely with HR management and finance to provide periodic financial reports, regular updates and any changes to benefit costs.
• Act as subject matter expert to provide updates to HRLT and other relevant departments of changes to the benefits design, offering, budgets, regulatory changes and any other relevant updates.
• Leverage in depth knowledge of local pension and benefits expertise, market trends, cultural dynamics and regional regulations.
• The ideal candidate would have strong analytical skills, a good level of numeracy, excellent organizational skills, and experience using Microsoft applications, particularly Excel.

Job Requirements

Work Experience

• Solid experience in human resources within a complex highly-regulated organization
• Minimum 8 years experience in Banking or Financial services
• Understanding of financial services or other regulatory environment a plus
• Minimum 5 years experience in HR Pension and Benefits experience in financial services in APAC region.

Functional / Technical Competencies:

• Experience in local market dynamics, including regional regulations, cultural nuances and industry specific practices.
• Ability to assist in the design, development, and implementation of benefit policies and processes
• Experience in project management, analytical, and problem solving skills
• Advanced knowledge of regulatory compliance and legal requirements of benefits programs and structures
• Experience with HR information systems, reporting, and benefits-related technology
• Expertise gathering benefits-related market and competitive intelligence
• Proven ability to interpret and analyze benefits market data to assess: comparable worth; benchmarking; internal alignment; external competitiveness
• Minimum 5 years experience in retirement planning and benefits: pension plans; savings plans; disability insurance; employee assistance programs (EAPs); flexible schedule; health and financial wellness programs;
• Expertise implementing and tracking relevant benefits metrics and benchmarks
• Accounting and financial knowledge, including benefits financial statement audits

Education / Qualifications:

• University degree or equivalent experience.

Personal Requirements

• Demonstrates collaborative leadership
• Communicates effectively and empathetically
• Identifies multiple paths to success using analytical and critical thinking as well as decision-making skills
• Operates strategically to support a culture of continuous improvement and systems thinking
• Is flexible, decisive, and able to establish support from leadership
• Monitors industry trends and best practices and applies insights to advance the benefits platform
• Exhibits and fosters optimism, resilience, flexibility, and openness to others' ideas
• Inspires innovation and values learning as a lifelong professional objective
• Leads by example, engaging inclusively and with intent
• Always acts with integrity
• Results driven, with a strong sense of accountability
• A proactive, motivated approach.
• The ability to operate with urgency and prioritise work accordingly
• A structured and logical approach to work
• Strong problem solving skills
• Excellent attention to detail and accuracy

We regret to inform that only shortlisted applicants will be notified.

Job ID: 10071039