Pension and Provident
Funds
Pension and provident funds are plans provided by a company for its employees in order to facilitate retirement funding
Pension and provident funds are plans provided by a company for its employees in order to facilitate retirement funding. There are many benefits for both parties when looking at the advantages of having a pension/provident fund.
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 caliber new employees that are incentivized 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.
Tax Benefits
By structuring a pension or provident fund correctly both the employer and employee can benefit with regards to their contributions being tax deductible.
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