How much does insurance for a foreign domestic worker cost in Singapore?

samaksh_kumari

I am looking for a foreign domestic worker (FDW) to help me with my elderly parents. I have heard that the insurance for FDW is quite expensive in Singapore. Can anyone tell me how much the insurance for FDW costs in Singapore?

Pratyush597

The cost of insurance for foreign domestic workers (FDW) in Singapore depends on a variety of factors. Generally speaking, the mandatory insurance coverage for a FDW should cost around $90 per year.

To understand the various factors that contribute to the cost of insurance for FDW in Singapore, it is important to first understand the types of insurance coverage provided. The following types of insurance coverage are typically included in a FDW's insurance package:

Personal Accident and Sickness Insurance (PA/SI): This coverage protects the FDW in the event of an accident or sickness, resulting in disability or death. Depending on the insurer, PA/SI coverage can vary from $25,000 to $50,000.
Security Bond: This coverage provides protection for damages that the FDW may cause to the employer's property, in the event of theft or negligence. The security bond is typically set at $5,000 or $10,000.
Hospitalization and Surgical Expenses Insurance: This coverage provides compensation for hospital and surgical expenses related to the FDW's medical treatment. The coverage amount typically ranges from $5,000 to $15,000.
Repatriation Costs: This coverage usually compensates for the FDW's travel expenses in the event of repatriation or funerary costs in the event of death. The coverage amount usually ranges from $5,000 to $15,000.

Apart from the types of coverage mentioned above, the cost of insurance for a FDW in Singapore can also be affected by other factors such as age, gender, nationality and occupation. Therefore, it is recommended that employers obtain multiple quotations to determine the best insurance plan for their FDW.

For more information, please refer to the Ministry of Manpower’s website (https://www.mom.gov.sg/passes-and-permits/foreign-domestic-worker/employer-guide/security-bond) which provides more detailed information on FDW insurance coverage in Singapore.

greenbutterfly442

When hiring a foreign domestic worker (FDW) in Singapore, employers need to provide financial security for the FDW, for which insurance coverage is a necessary requirement. The amount of insurance required depends on the FDW’s work permit salary and the number of dependants.

Under the Employment of Foreign Manpower Act, the employer has to take up the necessary insurance coverage for their FDW. The following is the coverage required for employers in Singapore:

Work Injury Compensation Insurance: This type of insurance provides coverage for medical costs and compensation in the case of temporary or permanent disablement due to a work-related injury. This insurance also covers death benefits.
Bond of Security/ Security Bond: This type of bond is compulsory for all employers in Singapore and serves as a guarantee to the Ministry of Manpower (MOM) that the employer has financial resources to cover any potential losses or breaches related to the FDW’s employment.

The minimum amount of bond is SGD 5,000 and the premium payable is between SGD 18-SGD 30 (plus 3.5% GST) depending on the bond size.

Medical Insurance: Employers are also required to purchase medical insurance for their FDWs and should make adequate provisions for regular medical check-ups.

The Medical Insurance Plan from the Ministry of Manpower (MOM) provides coverage for your FDW for a minimum sum of SGD 15,000 per annum, with the premium ranging from SGD 100- 250 (plus GST). Alternatively, employers can also purchase higher coverage plans from other insurers.

For more details about FDW insurance in Singapore, please refer to this webpage https://www.mom.gov.sg/foreign-manpower/employers-orientation/submission-and-renewal-of-work-permit/training-and-insurance.