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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

  • Employment Agencies

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For more information on Employment Agency Bond, please contact us at:
Email : awg@awginsurance.com
SKU: SG-08 Category:

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.

AWG: Covid19 Announcement

Dear Valuable Clients and Partners, 

Following the suspension of activities at workplace premises under the elevated safe distancing measures announced by the Ministry of Health (MOH) on 3rd April 2020, we would like to announce the following changes to our work so as to continue our service to our customers. 

AWG Insurance Brokers is a key member of the financial service industry and we are exempted from the suspension. We will continue to provide services to our customers, but with the following measures and changes. 

Closure of Office to walk-in Customers. 
We will no longer allow walk-in submission of documents. The office will not be opened to the public and you will need to submit any Original Documents to our Letter Box placed at our office. If Original is not required, we will encourage sending via email. This is to reduce human contacts and reducing the risk of infection. 

Working from home
Our staff and management will be taking turns to work at home. We will have a reduced workforce during this period. Many insurance companies also have their staff working from home. You may still contact your servicer at the DID in their email. 

Premium Payment

We will not be able to receive cash payment from customer and all payment is to be made via Paynow with UEN No : 199002234G, QR Code (reflected on our debit note) and Cheques. Please indicate the policy/policies number that you pay and email to dorcaschoy@awginsurance.com for any funds transfer 

MAS has also announced recently on the availability of premium installment. We have not gotten any update from insurers as of today and will update you soonest once we have any information.  

Claims 
Claim function is probably the most important part of our existence. We continue to assist and advise you on any claims matter. For claims payment, we would advise that you opt for direct fund transfer to your designated account number if the option is available. 

We apologize if there is any inconvenience caused and wish you good health amidst this difficult time. 

Regards