Starting January 1, 2019, you will no longer be able to safe-keep any money belonging to your Foreign Domestic Worker (FDW), regardless whether it was by her request. Failure to follow these new regulations can result in a maximum fine of S$10,000 and a yearlong jail term. However, while this new permit condition was undoubtedly created to protect domestic workers from financial abuse and employers from misunderstandings or false accusations, some Singaporeans and their FDWs are concerned about potential money mismanagement. So what can you do to safeguard your domestic worker’s hard earned funds now that the law has changed? Below, we examine a few ways to increase your domestic workers’ financial literacy and reduce the potential of costly financial mishaps.
Choose the Right Payroll and Bank Account for your FDW
You have a couple of options when it comes to creating a bank account for your worker. For