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Deposit insurance coverage rises to S$75,000; gig workers gain insurance policy protection
Published Thu, Mar 28, 2019 · 09:50 PM
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Singapore
DEPOSIT insurance will rise to S$75,000 to give savers more protection in the event of bank or finance company failure.
Insurance policy owners who use their cars or homes to generate income will now also be protected should their insurer go under.
Depositors and insurance policy owners will enjoy such enhanced protection from April 1, 2019, said the Singapore Deposit Insurance Corporation (SDIC) on Thursday.
The latest changes to the deposit insurance (DI) and policy owners' protection (PPF) schemes protect deposits up to S$75,000 per deposito…
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