Silks Gallery

How to Make Vending Machine Business Profitable?

Before going into the vending machine business, you need to consider the return on investment (ROI). The location, the products you’re selling, and the reliability of the vending machine will influence the profitability. Here are some tips on streamlining your refill vending machine business for a higher ROI.

Who purchases the security bond and why?

A security bond is a contract between the government and the employer. It is illegal for employers to ask employees to provide this security deposit. The idea behind the security bond is to ensure employers take great interest in the kind of people they employ. Every employee with a security bond attached to his work permit is expected to strictly follow the work permit’s terms.

Are some foreign workers allowed to work without the security bond?

Yes, S pass holders are not required to have a security bond attached to their work permits. Singapore offers different types of passes and Work Permits for foreign workers. S Pass is given to mid-level skilled workers, like technicians, who earn at least $2,500 a month. Applicants for S pass are expected to have a degree, diploma or technical certificate from accredited institutions.

What happens to the security bond when the work permit expires?

Security bonds are usually attached to the work permit. MOM will only issue a work permit when the employer secures a security bond MOM. Usually, work permits are valid for two years. However, some may be issued for a shorter period if the employee’s passport expires before the end of the two-year period or if the person’s employment is valid for less than 24 months.

When should you get a security bond?

Once you and your incoming foreign domestic worker (FDW) agree on the terms of employment, including the salary and terms of employment, it is best to start processing the work permit. The security bond will be attached to the work permit.