They have protected themselves
How about you?
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.