They have protected themselves

How about you?

AS FEATURED ON

DO YOU KNOW?

4 in 10 degree holders could not find a job 6 months after getting retrenched.

Protect yourself against retrenchment today!

At Bandboo, your premium is pooled together with the premium of other members. If someone is retrenched, the payout is drawn from this pool. At the end of each one-year membership, you receive a full rebate on your premium that has not been paid out as claims.

LET’S GET STARTED!

PREMIUM

Your premium is $420 a year, equivalent to just $1.15 a day.
This premium is used only for one purpose: To help members who have been retrenched.
At the end of each one-year membership term, all premium leftover after paying out retrenched members is fully refundable to you.

MEMBERSHIP FEE

Since we refund all premiums after payouts back to you, we need your help to sustain this platform.
Our Bandboo membership fee is $9.99/month.
This membership fee will allow us to safely and efficiently underwrite new members and process all claims through our proprietary blockchain platform.

PAYOUT

If you are retrenched, you receive one month of your salary as payout for each month you are unemployed.
You are eligible to receive three months of salary payouts, up to $6,000 a month.

If our Unemployment Insurance started in 2016, the average rebate at the end of the year would have been $326.52, based on retrenchment and income data from the Ministry of Manpower.

This means that your actual premium for 2016 after the rebate would only have been $7.79/month.

This $9.99/month membership fee is paid together with your premium.

It helps to sustain Bandboo’s operating costs, such as the servers running our blockchain ledger.

Blockchains are expensive to run but the time stamping and hashing system they deploy ensure that all your transaction data are held at the highest level of security and auditability possible.

In the first month you are retrenched, you receive a payout of your salary, up to $6,000.

Your membership is automatically renewed so that you can remain a member for the next one year. Any membership fee and premium payable are deducted from your first-month payout.

For your next two salary payouts, they are spread across the next four months so that you receive 50% of your salary in the second to fifth months after your retrenchment.

As long as you are unemployed for three months, you qualify for all five months of payouts.