Why do you require a deposit?

Article author
Ben
  • Updated

Information

The deposit ensures we can defray any costs related to the Team Member’s services to your company. The deposit is used as a security, and may be used by Oyster to fund the Team Member's payroll in case of any unexpected payment issues of the customer invoice.

How much deposit is required?

We require a 1 month full-refundable deposit upfront for your new hire. This deposit is equivalent to 1 month of your new hire's "Total Cost of Services":

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    • Subscription Fee - this is the monthly fee which Oyster charges for access to our software, platform, and services
    • Service Fee - this is the monthly rate of the Team Member providing services, e.g. base compensation and allowances

    • Administrative Cost - this includes employer costs such as taxes, benefits and social welfare contributions

The deposit is invoiced once your new hire has signed their Employment Contract.

This deposit is fully-refundable meaning that at the end of your team member's contract, it will be refunded to your company provided that all final invoices have been settled.

 

Also see: When is the refundable deposit repaid?