The lack of retirement provision may mean that staff will only receive a very limited social pension benefit provided by the State if they qualify.
Left to their own devices many employees have made inadequate retirement provision for themselves. It is therefore better to assist employees to save on a monthly basis. Any employer who fails to provide a competitive and comprehensive range of staff benefits will soon lose key staff members.
What are the advantages of a retirement fund?
Employers and employees can be assured of provision of benefits on retirement or death.
The fund is a separate legal entity from the employer and run by a Board of Trustees, with a registered and approved set of rules.
Tax concessions on contributions and benefit payments.
If the employer has a comprehensive range of benefits providing for death, retirement and disability, this will attract and retain staff.
Retirement funds can be designed for specific industries
Tip – Retain and recruit good staff
Contact one of our advisors for more information.
Phone: 011 803 9686
Email: vivian@pbafsa.co.za
https://www.pbafsa.co.za/