SERVICES WE OFFER
EMPLOYMENT BENEFITS
All benefits provided or made available to employees by an employer, including education, health care, insurance and retirement benefits.
COMPETITIVE & COMPELLING EMPLOYEE BENEFITS
Creating a truly competitive and compelling employee benefits package can be a struggle — especially for smaller companies. As an employer, you are required to offer certain benefits, PAYE contributions, unemployment insurance, and worker’s compensation, plus some others based upon the size of your company, and often competitive other employee benefits that your competitors may offer".
Providing employee benefits can get expensive fast, but you can only do what you can afford to do. The goal is to remain competitive in the marketplace, not to become a total outlier. And remember, cost-sharing with employees is normal these days and employees expect to pay a portion of insurance costs.
In addition, there are plenty of low cost benefit options at your disposal to help sweeten the deal. But where to start?
Health Cover Benefits
Life Insurance
Provident/ Pension/ Retirement Annuity plans
Annual, Sick & Family Responsibility Leave
Professional development and education benefits
Disability insurance
List of common employee benefits:
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4 OF THE BIGGEST EMPLOYMENT BENEFITS
When seeking employee benefits for your staff, consider some of the most popular options.
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MEDICAL COVER
Disability Cover:
Employers can choose to offer either short-term or long-term disability insurance to their valued employees. These types of benefits can be invaluable to employees who are unable to work due to a serious injury or lengthy illness.
It can assist in covering expenses up to a certain amount during the time that they are unable to work.
With short-term disability, a percentage of an employee’s salary is paid temporarily.
Long-term disability can last two, five, or even up to 65 years of age.
LIFE COVER
Retirement Contributions:
Most people don’t realise how important a quality retirement fund is. Additionally the average person is vastly underfunded when it comes to their retirement. As an employer, you can contribute to your company’s employee retention by offering retirement contributions.
There are two main types of retirement plans: defined benefit plans and defined contribution plans.
There are 3 different retirement savings options, namely: Pension Funds, Provident funds and Retirement annuities, with certain tax benefits and options attached.
Life Cover:
In the event that one of your employees passes away, life insurance benefits are provided to the employee’s family. These payments are often used to cover funeral costs and to assist the family with ongoing living expenses.
Many employers offer a life cover option of a certain multiple of the employee’s salary, which is typically known as group life.
Medical Cover:
With the rising costs of healthcare, medical cover is a should-have employee benefit. Unexpected medical expenses can have serious financial repercussions on uninsured employees, often leading to increased absenteeism.
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QUESTIONS & ANSWERS
WHAT ARE BENEFITS OF EMPLOYMENT?
Benefits are any perks offered to employees in addition to salary. The most common benefits are medical, disability, and life insurance; retirement benefits; paid time off; and fringe benefits.
WHAT ARE THE 4 MAIN TYPES OF BENEFITS?
There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans.
