Have you ever wanted to do more for the person or people who work for you by providing them with benefits, for example, for their retirement, or funeral? Whether it is for your domestic worker, gardener or your children’s nanny – you’ll know how hard it is to find a product that suits your budget and their circumstances, and that gives your treasured employee the best possible value from your contribution.
Absa has a product that’s breaking new ground in this space: a Provident Fund specifically designed for small, micro and medium businesses, and which is a great fit for the individual employer. It offers retirement, death, capital disability and funeral benefits in one package, providing security and considerable peace of mind for both you and your domestic workers.
There is no minimum number of employees you need to have before you can participate in the Fund.
For premiums ranging from R230 a month, the benefits that accrue range from a basic savings plan with retirement benefits only, to policies that also provide death, capital disability and funeral insurance.
The caring employer can choose the plan that best suits both his or her own budget, and the needs and expectations of those who work for them. Junior employees, for instance, can go onto plans providing basic benefits; while employees with greater needs or expectations may go onto plans providing more comprehensive benefits.
The flexible structure of the Absa Small Business Provident Fund also allows you to increase the specified contribution for each plan if you wish to do so. So, if basic benefits are adequate but you’d like to increase the retirement savings in the case of an older employee who has no other provision for retirement – you can make an additional contribution to create additional retirement funding.
You have the freedom to amend your option plan for employees at any time. This enables you to accommodate the changing circumstances of employees.
The member can access the fund on retirement (between the ages of 55 and 70), or on leaving employment. Payment can happen either in cash, or the benefit can be transferred to another approved fund. If your domestic employee passes away before retirement, the funds will go to their beneficiaries.
For more information, call 011 846 3719 or email at firstname.lastname@example.org–
Terms and conditions apply.
Disclaimer: The advice contained on this blog is for general purposes only and does not take into account individual circumstances, objectives or financial needs. Accordingly, readers are advised to seek appropriate advice from licensed professionals prior to making any investment, or taking up a financial product or service.