July 22, 2016
Offering a peace of mind and form of investment.
Foreign Workers Bond
- An instrument to seize new opportunities with a guarantee that frees your money for two years.
- Upon successful application or renewal of the work permit for foreign workers, the employer is 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 (FWBs).
- The bond will be realised if a foreign worker fails to fulfil the performance he is obliged to deliver for you.
- Eases your financial commitments, while freeing your money to explore new opportunities.
- Helps to furnish the owner or principal or employer of a contract the guarantee for the contractor’s obligations when a contractor undertakes a construction project.
- The amount guaranteed varies from 5% to 10% of the contract sum.