Ministry of Manpower (MOM) and DBS Launch Integrated Process for Work Permit Applicants
Integrated process for Work Permit applicants to open a POSB salary crediting account
From 16 October 2014, the Ministry of Manpower (MOM) and DBS will launch a one-stop process for Work Permit (WP) applicants to open a POSB salary crediting account as part of the WP application process instead of submitting separate applications for the WP bank account opening.
Employers can now apply for a POSB salary crediting account when they request for issuance of WPs for their new WP employees via the Work Permit Online portal. Employers will bring their new WP employees to the MOM Services Centre for card registration on their selected appointment, and on the following day, WP employees can visit the POSB Account Services Centre for Work Permit holders to simply activate the bank account and collect the ATM card.
Currently, minimum account opening deposit is not required for the POSB salary crediting account. The account is packaged with an ATM card, which allows the workers to check their account balance and access funds via ATM. Employers can also use the DBS salary credit service to credit salary into the workers’ accounts.
For more information, please visit www.posb.com.sg/wp.
Disclaimer: This publication does not provide financial, legal or tax or advice of any kind, and VALON cannot guarantee that the information is accurate, complete or up-to-date. While we intend to make every attempt to keep the information in this publication current, VALON make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained herein. Nothing on this publication should be used as a substitute for the advice of a third party. VALON assumes no responsibility to any person who relies on information contained herein and disclaim all liability in respect to such information. You should not act upon information in this publication without seeking professional advice.