Managing household chores isn’t always easy, in addition to juggling the many other aspects of work and family, as well as looking after your loved ones young and old.
Many families are turning towards hiring a domestic helper for that extra pair of hands to help out at home. In fact, there are more than 250,000 foreign domestic workers currently being employed in Singapore as of December 2018 – or approximately one in every five households!
As of January 2019, employers of foreign domestic helpers are no longer allowed to safe-keep any money belonging to their helpers, a positive step in preventing any money-related disputes. With this regulation in place, it makes sense to open a bank account for your helper to:
Keep an electronic record of salary payments for both parties
Save time by going cashless and setting up recurring payments
Provide more security for their money and helps your helper with personal finance management
You can also assist your helper in opening a POSB Payroll Account through the Centre for Domestic Employees, without requiring any prior relationship with the bank, and no minimum deposit and monthly balances are required.
New: Paying your helper’s salary with your credit cards through CardUp!
While a fixed bank transfer payment to your helper’s bank account can be convenient, why not make the process rewarding too?
CardUp now lets you put your helper’s salary on your credit card through our platform, allowing you to enjoy these benefits and more:
How much can you earn on your Helper Salary payments with CardUp?
Based on certain estimates and our personal experiences, the cost of hiring a helper can average around $650 per month. While CardUp charges a fee per transaction, many times the potential rewards earned on your cards will easily outweigh this fee. Here are three scenarios to illustrate how:
Scenario 1: Miles card users
Let’s say you already have a monthly spend of about $1,550 on your existing miles card, which earns you 1.4 miles per dollar spent. With this spend amount, you’re able to get 26,040 air miles within a year, which is not sufficient for a return business class ticket.
By putting your monthly helper salary of $650 onto your credit card through CardUp, you’re now able to earn sufficient miles to fly business class each year!
Scenario 2: Miles card users with other CardUp spend
CardUp also allows you to shift other payments normally made by cash or bank transfers to your credit card, including payments such as rent, insurance, education fees, taxes and more.
By putting all of these spend on your credit card through CardUp, here’s how you’re able to earn over 94,000 air miles - which can then be redeemed for a return business class flight to Tokyo, Japan!
One of the most popular cashback cards in the market is the UOB One Card, which gives up to 5% cashback on all expenses, CardUp spend included. However, the minimum requirements to attain this 5% cashback is to have a monthly minimum spend of $2,000.
For many cardholders, you may fall into the 3.33% cashback category if your monthly spend sits at $1,000. By using CardUp, you can now put payments such as your monthly helper salary ($650), and insurance premiums ($350), bumping you up to the next tier of cashback rewards!