About Foreign Worker Bonds
For every non-Malaysia foreign worker to work in Singapore, you need to have a security deposit or cash deposit of S$5,000 – as regulated by Ministry of Manpower (MOM). Upon successful application or renewal of the work permit for foreign workers, you are then required to submit the security deposit or cash deposit to MOM. Security deposit or cash deposit can be replaced in the form of Foreign Worker Bonds. With our Foreign Worker Bonds, you do not need to place the security deposit of S$5,000 upfront.
- It is regulated by Ministry of Manpower, upon successful application of new or renewal of every foreign worker (excludes Malaysian) who works in Singapore, the employer/insured needs to purchase a security bond from insurance company in favour of Ministry of Manpower. The security bond is $5,000 per worker.