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Employment Agency Bond

$100.00

A security bond (in the form of banker’s guarantee) that is made payable to the Commissioner for Employment Agencies before an employment agency (EA) licence can be issued. It ensures that EAs conduct their business in accordance with the conditions imposed by the EA licence and comply with the provisions of the Employment Agencies Act.

Features

Organisations and individuals must hold a valid Employment Agency Licence issued by Ministry of Manpower if they need to provide Employment Agency Related Activities.

Employment Agencies applying or renewing it Employment Agency Licence need to place a Security Deposit with the Ministry of Manpower.  The Security Deposit amount varies on the type of licence, years in operation, and the number of demerit points accumulated. Please refer to the Ministry of Manpower Website for more information on the Required Bond Amount.

The amount required will be reflected in the In-Principal Approval Letter Issued by the Ministry of Manpower to the Employment Agency when Applying for the License. For Existing Company, the amount will be reflected in the Renewal Notice from Ministry of Manpower.

You can submit the Security Deposit in the form of Insurance Guarantee issued by the Approved Insurance Companies. The insurer will charge a premium to issue the Security Deposit to MOM, with the Employment Agency and its Directors guaranteeing the amount. The Ministry of Manpower can call for the amount under the Security Deposit from the guaranteeing insurer, which will in turn seek reimbursement from the Guarantors  . The following documents are required for applying the Employment Agency Licence Guarantee.

Document Required

New Application:

  • In-Principle Approval (IPA)
  • Latest ACRA Bizfile

Renewal:

  • Notice of Expiry
  • Latest ACRA Bizfile

Applicable to

  • Property Developers

Find a Broker
For more information on Employment Agency Bond, please contact us at:

Name : Hellen Sim
Contact : +65 6922 7268
Email : hellensim@awginsurance.com

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Product Description

A security bond (in the form of banker’s guarantee) that is made payable to the Commissioner for Employment Agencies before an employment agency (EA) licence can be issued. It ensures that EAs conduct their business in accordance with the conditions imposed by the EA licence and comply with the provisions of the Employment Agencies Act.

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