SIA training bond
SIA training bond
Join Date: May 2002
Location: Australia
Posts: 2,242
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Hamil - not sure how up to date this info is now, so use it as a guide only until SIA give you the correct details, (usually in their adverts. or invitation to interview stuff).
Fourteen years ago, joining as DEC on the 744 the pilot was required to sign a bond of $150,000 which would reduce by S$30,000 for each year of service completed 'on line'. You don't actually pay this money over at the beginning or during your five years, you simply pledge it if you should default. SIA have actively pursued bond breakers in the past whilst others who have left before it is finished have been able to negotiate their way to a reasonable figure.
Not sure if they still require a bank guarantee but this used to be a sum of S$65,000 of YOUR money, actual, that had to be in an account of a bank which had a branch in Singapore and if you defaulted on your bond they can call in this sum immediately! Otherwise, you gain the interest it attracts and when your bond is finished they cancel the guarantee and the money is once again at your complete disposal.
As I said, use this only as a guide as things do change with time! Cheers.
Fourteen years ago, joining as DEC on the 744 the pilot was required to sign a bond of $150,000 which would reduce by S$30,000 for each year of service completed 'on line'. You don't actually pay this money over at the beginning or during your five years, you simply pledge it if you should default. SIA have actively pursued bond breakers in the past whilst others who have left before it is finished have been able to negotiate their way to a reasonable figure.
Not sure if they still require a bank guarantee but this used to be a sum of S$65,000 of YOUR money, actual, that had to be in an account of a bank which had a branch in Singapore and if you defaulted on your bond they can call in this sum immediately! Otherwise, you gain the interest it attracts and when your bond is finished they cancel the guarantee and the money is once again at your complete disposal.
As I said, use this only as a guide as things do change with time! Cheers.
