Staff retention and recruitment
Recruiting and training processes of new employees are both time consuming and expensive. It is vital to retain existing staff and when necessary, to engage high calibre new employees that are incentivised to remain for the long term.
Retirement with an adequate income
With the wide availability of financial information nowadays, employees have become more aware of the perils of retiring without an adequate income. There is widespread pressure for employers to provide facilities for employees to accumulate sufficient retirement benefits.
Increase in morale
It has been proven that the provision of a retirement fund leads to a perceptible increase in employee morale, motivation and retention.
By structuring a pension or provident fund correctly both the employer and employee can benefit with regards to their contributions being tax deductible.