Unemployment Insurance

To help retrenched Singaporeans focus on their skills training and job search so that they are better prepared for jobs of the future economy.

Here’s how it works:


Open your Bandboo Account by depositing $99 into it. You will have to pay your membership fee and premium on the 28th of each month.
Alternatively, you can pay the full year’s membership fee and premium upfront, which total up to $539.88. In this case, the $99 deposit is not required.


Your monthly membership fee is $9.99 and your monthly premium is $35.
Your premiums are kept in your Bandboo Account and deductions made only when there are claims.
At the end of your 1-year membership term, the balance remaining in your Bandboo Account is fully and unconditionally refunded to you.


If you are retrenched, you are covered with a payout equivalent to 3 months of your income spread across 5 months.
The total payout is capped at $18,000.


1) Experienced an involuntary job loss
2) Be a member of Bandboo past the no-claim period
3) Be a member before your employer has announced an upcoming retrenchment
4) Be employed by your ex-employer for a period of at least 250 days prior to retrenchment
5) Your employer has reported the retrenchment to the Ministry of Manpower as per legal requirement


With the ongoing economic restructuring in Singapore, all of us need to protect ourselves against the risk of retrenchment.

Frequently Asked Questions


Who can sign up for Unemployment Insurance?

We welcome anyone who is

1) 18 years old and above

2) Employed on a full-time basis

Can permanent residents and foreigners also join Bandboo?

Yes, Bandboo believes in the notion of an inclusive society. Both permanent residents and foreigners are welcome to join Bandboo.

How do I sign up for Unemployment Insurance?

You can sign up here. The entire process can be completed online.

What is the lead time for the approval of my membership?

After you have submitted your application online, Bandboo will run your profile through our proprietary model to determine the level of your risk relative to the community. If the risk is deemed too high at the moment, you will be put on our waiting list until there are other new members whose profile offset your risk. Bandboo will inform you on the outcome of your application status within three working days.
In the case whereby you decide not to continue with your membership application while you are on the waiting list, you may inform Bandboo to cancel the application. No charges will be incurred by you until your membership is formally approved. Your pledged sum will also be fully refunded back to you.

How long is each membership valid for?

Each membership is valid for 12 months. You can renew it at the end of each membership period.

Do I retain my coverage in the Unemployment Insurance after I become unemployed?

Yes, Bandboo values all members and you will continue to be covered under the Unemployment Insurance. Furthermore, Bandboo believes in the spirit of paying it forward. After receiving help from the community, we hope that you will stay on to assist others in need.
To facilitate this process, you will have your membership automatically renewed for another 12 months upon your first claim. Both the 12-month membership fee and premium will be deducted from your first month’s payout.
The 12-month membership fee and premium will be kept in your Bandboo Account.. Any amount left over at the end of 12 months can be used for your membership renewal. Alternatively, it can be refunded back to you together with your $99 deposit should you choose to terminate your membership.

What if I want to terminate my membership?

You can request for membership termination by emailing us at We will respond to you within 3 working days. In the unlikely circumstance whereby you do not receive a response from us within 3 working days, please send us another email so that we can assist you promptly.

Is there any penalty if I terminate my membership before the end of my 12-month membership period?

No, there is no penalty fee. Bandboo believes that the provision of good value to our members is the best way to retain them. We would, however, want to highlight that the $99 deposit will go to paying out for claims as per our agreement.
Any balance remaining in your account after paying for that month’s membership fee and premium will be fully refunded back to you.

Can I rejoin the Unemployment Insurance after leaving?

Yes, we welcome you to rejoin the Unemployment Insurance anytime. To reinstate your membership, you can follow the same steps as when you first signed up. All members who rejoin will be regarded as new members and thus subject to the 180-day no-claim period.


What is the payment required for each month?

The payment required comprises two parts:
1. Membership fee for the month
2. Premium for the month

What is the membership fee?

The membership fee is $9.99 a month. It is payable on the 28th of each month together with your premium.

What is my premium?

The monthly premium you need to pay is $35. This amount goes into your Bandboo Account and belongs to you.

What if I miss a payment?

Members have a 30-day grace period for any payment they have missed. If the late payment is still not made at the end of 30 days, this constitutes a breach of the member’s agreement. As a result, the member’s account will be suspended.

Can I top up my account in advance?

Yes. If you top up your account in advance, it ensures that you have sufficient funds to pay your premium and membership fee on the 28th of each month.

You may choose to top up the full year’s membership fee and premium in advance. This gives you a peace of mind that you will not miss any payment, which can result in a lapse of your membership.

What is the $99 deposit for?

This $99 deposit is fully refundable at the end of each 12-month membership period. Unlike traditional insurance companies that make you pay your entire year’s premium upfront or with high-interest installments, we collect premiums in 12 equal interest-free installments.
This $99 deposit is used for your payment of premium and membership fee in case a month’s payment does not get through.

How do I make my payments?

Your payments can be made through credit card.

When do I start paying for my membership fee?

If you have your membership status approved by the 15th of the month, you will start paying for your membership on the 28th of the same month. If your membership is approved only after the 15th of the month, you will start paying for your membership on the 28th of the following month.


How do I file a claim?

To file a claim, follow the three simple steps below:

Step 1. Create a claim:
Click the “Make a claim” button under the Claims page

Step 2. Submit documents:
Upload an image of your

1) NRIC/Employment pass
2) Employment contract
3) Latest payslip
4) Termination letter from employer
5) Latest CPF statement containing CPF contributions from the past three months

If you are unable to obtain your employment contract and/or latest payslip, please submit Annex 1. Employer Verification Form.

Step 3. Book a consultation slot:

Book a 30-minute consultation slot with us. You may choose to either visit our office or have our relationship manager meet you at your preferred location. During this consultation, our relationship manager will verify the documents you have submitted. In addition, our relationship manager will track the progress of your job search and provide you with advice and recommendations.

What is the claim criteria?

Any claimant has to fulfil the 5 conditions below:
1) Experienced an involuntary job loss
2) Be a member of Bandboo past the no-claim period
3) Be a member before your employer has made an announcement on an upcoming retrenchment
4) Be employed by your ex-employer for a period of at least 250 days prior to retrenchment
5) Your employer has reported the retrenchment as per legal requirement by the Ministry of Manpower

What is the no-claim period?

All new members or ex-members who rejoin the Unemployment Insurance Community are subject to a no-claim period. The no-claim period is 180 days from the day of your membership approval.

What is the purpose of the no-claim period?

At Bandboo, we believe that members of the community should make a long-term commitment to help one another. The no-claim period prevents non-members from exploiting this goodwill of our community.
Otherwise, any non-member who is aware of an impending retrenchment will join Bandboo to make an immediate claim. The no-claim period protects our members from excessive claims arising through such circumstances.

What if my employer has not reported my retrenchment as per recommendation of the Ministry of Manpower?

If your company employs at least 10 people and 5 or more have been retrenched within a 6-month period, it is a legal requirement for your employer to report the retrenchment to Ministry of Manpower. The procedure for reporting the retrenchment is very simple and can be done online.

In the case that your employer faces any issue, please inform us so that we can provide the necessary assistance to ensure that you receive your payout in a timely manner.

How does Bandboo verify claims?

Bandboo is a community built upon trust and mutual assistance. At the same time, we seek to uphold the interests of all members at the highest level. Hence, we have a stringent compliance framework in place to ensure that each claim is genuine. Besides verifying all the uploaded images of documents with the original copies, our relationship managers conduct due diligence through a series of other confidential checks.
In addition, the full name and company of claimants will be posted on our platform. This serves two purposes:
1. Members can refer suitable jobs to these claimants through the Bandboo platform.<br/>
2. In case of dubious claims, members can also report to Bandboo so that we can conduct further investigation.
If there is any isolated case whereby someone wilfully furnishes us with inaccurate information, it constitutes a breach of the Unemployment Insurance Agreement. The offending individual will have his/her membership revoked and be barred from rejoining the community. In addition, a fraudulent act as such is a criminal offence and the authorities will take legal action against the offending individual.

Is there a deadline for claims submission and verification?

To facilitate the verification process and disbursement of payouts, we require claims to be submitted within 30 days of retrenchment. For a claim to be paid out in a month, it has to be submitted before the 15th of the previous month and the relevant documents verified by the 25th.

Claims that are not submitted or successfully verified by the stipulated deadlines will be rolled over to the following month.


What is the total payout I am eligible for?

Your total payout is three months of your salary, with the total sum capped at $18,000 a month.

How is my monthly salary calculated?

Your monthly salary is calculated based on your average gross monthly salary from the three months prior to retrenchment.
The gross monthly salary includes the employee’s share of CPF contribution but excludes the employer’s share of CPF contribution. It also excludes any commissions, bonuses, and other forms of remuneration that are not part of your regular pay.

Why is the monthly salary capped at $6000?

A $6,000 monthly payout ensures that 80% of our labour force can receive a full coverage on their monthly salary. It is also in line with our philosophy that the purpose of Unemployment Insurance is to help the retrenched tide over bad times.

As the payout comes directly from other members, we hope that any retrenched member who needs more than $6,000 a month to support their family can do their part in cutting down their expenses during this tough period so as to not overly burden other members.

For how many months will I receive a payout in the event of a retrenchment?

You will receive your payout over a period of 5 months.

In the first month, you will receive the full salary. In the subsequent four months, you will receive 50% of your salary each month. Once re-employed, payout for that particular month will cease.

Why is the payout period capped at 5 months?

We need to strike a delicate balance between providing protection and not overburdening the rest of the community. A 5-month coverage is in line with our goal of helping members who are retrenched minimise disruption to their lives while providing them sufficient urgency to get a new job.

How do I receive my payout after my claim is approved?

Payouts will be made in the form of a cash cheque. You can receive your cheque via two methods:

1. Mail to your stipulated address
2. Come down to our office for collection

When will I receive my payout?

At Bandboo, we value efficiency. For any claim submitted by the 15th and verified by the 25th, your cheque will be ready within the first five working days of the following month.

Andy is an engineer.

He does not feel any immmediate risk of retrenchment as he thinks that his company is in a good shape.

Nonetheless, Andy decides to sign up for the Unemployment Insurance to give him and his family a peace of mind. He fills up his personal particulars and goes on to pay a deposit of $99 to open his personal Bandboo Account.

3 days later, Andy receives an email from Bandboo confirming that his application has been accepted.

Andy is now a member of the Bandboo Unemployment Insurance.

On the 28th of every month, Andy’s membership fee of $9.99 and premium of $35 will be deducted from his credit card automatically.

The $9.99 membership is used to cover the operating costs of Bandboo’s insurance technology platform while the $35 premium is kept in Andy’s personal Bandboo Account and belongs to him.

After being a member for 3 months, Andy will have

$35 monthly premium x 3 months = $105 account balance

In the third month, another member, Halim, is retrenched. Halim earns a gross salary of $5,500 a month.

If there are 1000 members at that time, each member will contribute to Halim’s payout with

$5,500 payout ÷ 1000 members = $5.50 deduction

Andy will still have

$105 – $5.50 = $99.50

in his personal Bandboo Account.

After being a member of the Unemployment Insurance for 9 months, Andy’s company undergoes a restructuring to improve its profitability even though it is still doing well

In the process, Andy is retrenched.

As Andy is earning $9,000 a month, 3 months of his salary will amount to

$9,000 x 3 months = $27,000

Hence, he is subjected to the $18,000 total payout cap.

For the first month of unemployment, Andy receives a payout of $6,000. His membership will
also be renewed for a year so that he continues to be covered.

In the second month he remains unemployed, Andy becomes eligible for his second payout of $6,000. This payout is split into two parts and paid to him in the second and third month.

In the third month he remains unemployed, Andy becomes eligible for his third payout of $6,000. This payout is also split into two parts and paid to him in the fourth and fifth month.

As long as Andy remains unemployed for three months, he is eligible for his full payout.

Andy qualifies for his payout as long as he meets the 5 points stated in the claim criteria.

In the first month after he is retrenched, he will have to submit online images of his NRIC,
Employment Contract, latest payslip, termination letter, and CPF statement containing
CPF contributions for the past 3 months.

To receive his first payout within the first 5 working days of the following month, he will need
to complete the submission by the 15th and attend a consultation with our Bandboo Relationship Manager by the 25th.

For the subsequent 4 months, he will just have to submit online his latest CPF statement containing CPF contributions for the past 3 months by the 15th and attend a consultation with the Bandboo Relationship Manager by the 25th.