The Ministry of Manpower (MOM) and DBS are launching an integrated application process from October 16, which will make it easier and quicker for work permit (WP) applicants to set up a POSB salary crediting account.
As such, employers and WP applicants will not need to turn in individual applications to open a WP bank account, which effectively cuts down on paperwork and waiting time.
Instead, employers can apply for a POSB salary crediting account when they apply for WPs for their new employees on the Work Permit Online portal. After they have taken their new WP employees to the MOM Services Centre for card registration, they can visit the POSB Account Services Centre for Work Permit holders at Hong Lim Complex the next day to activate the bank account.
Previously, employers would have to submit an application and then visit the POSB Account Services Centre for Work Permit holders together with their employees on a specific date to open the account.
Over 7,000 customers use the centre at Hong Lim Complex on a monthly basis.
"Increasing productivity is a key focus for many of our corporate customers," said Lui Su Kian, managing director and head of deposits and secured lending at DBS Bank. "In addition to providing them with institutional banking services such as salary crediting, we are also constantly exploring ways to help them save time. We are pleased to partner MOM to integrate the application process, and to further enhance Singapore's reputation as a business hub."
The account doesn't require a minimum deposit and comes with an ATM card. DBS has also installed ATMs at recreation centres and dormitories to make it easier for workers to access their accounts. Meanwhile, employers can leverage on DBS' salary credit service to transfer salaries into their workers' accounts.
Ong Bee Lee, director in the work pass division at MOM, said: "MOM has received feedback from employers and WP holders about the time taken and paperwork required using our current system of separate applications. We are happy to launch this new one-stop process to make the WP and bank account opening process more seamless and efficient."