Saturday, 7th May 2011Providing for Retirement

Kyria AliMore than just a legal obligation!

Many of us live in the moment and neglect to plan our future.  This mentality, however, can result in financial and emotional headache at retirement.

The importance of retirement planning cannot be overstated.  There is a need to ensure that you save enough whilst working to finance your future adventures and cost of living at retirement.  Section 111 of the Labour Code, 2010 (the "Code"), which addresses retirement benefits, reminds us of this fact.  This section stipulates that every employer must make provisions for retirement benefits to be paid to his or her permanent employees.

Whilst this requirement may be considered as burdensome by some employers, there are many intrinsic benefits for assisting your employees with planning for their future retirement.  For example, the provision of such basic assistance may increase the loyalty and commitment level within the organisation, thus contributing to the attraction and retention of top talent.

Also, depending on the type of plan designed, an employer may be able to motivate staff through the provision of an added layer of remuneration.

Our team of experts comprises individuals who have worked with many organizations providing consulting services on a variety of compensation, retirement and financial planning matters, accounting and administrative matters, as well as investment and wealth management matters.

The Code allows various methods to be used in order to provide for retirement benefits for employees.  Our team is uniquely designed to include key staff that possess the necessary skillset to ensure that your Company has, at its fingertips, the expertise necessary to design, document, implement, manage and administer a suitable retirement benefits scheme tailormade for success.

For further information, please contact Kyria Ali, Head of Business Advisory.