Foreign Workers Medical & Bond
What is Foreign Workers Medical & Bond
Foreign Worker Medical Insurance
Employer are legally required to obtain a minimum medical insurance coverage of S$15,000 per year for each foreign worker. This includes work permits and S-Pass holders. This policy will cover hospital and surgery charges incur due to injury or illness.
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Please note that although regulatory requirement is a minimum insurance coverage of $15,000, your company is liability for ALL (no limit) the medical expenses that your work-permit and s-pass workers incurred in Singapore as long as they are under your employment.
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Foreign Worker Bond
Employer must purchase a security bond of $5000 for each non-Malaysian foreign worker employed. A security bond is a binding pledge to pay the government (Ministry of Manpower) if either you or your workers breaks the law or Work Permit conditions.
What Does It Covers
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Foreign Worker Bond: cover the $5000 deposit to MOM that is required for each non-Malaysian worker your company employed
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Foreign Worker Bond: cover hospitalisation and surgical expenses (does not have to be work-related) your work-permit and s-pass workers incur under your employment.
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