Solutions > Employee needs
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Employee's needs

The success of many businesses rest with its employees and therefore it is vital for the business to retain its employees and to provide them with the opportunity to identify, assess and address their financial risks.

By doing proper and continuous financial planning all the risks can be identified and addressed.

There are two categories that these risks can be assigned to:

  • A risk that the employee must be protected against
  • A risk that he/she can make provision for

Protection is sought by most employees against the impact their death, disability or critical illness may have on their family members and dependants.

On the other hand, the employee can eliminate certain risks by making timeous provisions for his/her retirement and the business can retain its employees by making provision for financial rewards and incentives.

Momentum Employee protection and provision can reduce the risks; ensure continued success of your employee by providing you with accurate financial planning assistance.

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Employee protection Open

Protecting against death or disability

The first step in a financial plan is to protect the personal estate and dependants against the financial implications of death or disability.

What your funding should cover:

  • Lifestyle changes in the event of disability
  • Income in the event of temporary or permanent disability
  • Funeral and estate administration costs
  • Cash provisions to settle debt and provide for dependants

Life insurance

A life insurance policy for your employee or as part of employee benefits, is a simple and cost-effective way to protect against the financial implications of death and disability.

Employee provision Open

Providing incentives

Employees no longer work for one employer for their entire career.

Employers with highly valuable or key employees may find it very difficult to retain their services if competitors offer these employees better remuneration packages and incentives.

If these employees have special skills or knowledge and leave, it could have serious financial consequences on their business.

While salary increases may offer a short-term solution, it does not guarantee the retention of key employees. It's become essential to find new ways to retain employees.

Simple and cost-effective ways to provide incentives to valued employees, include:

  • Capital investments - for future incentives.
  • Employee retention plans - to double as periodic incentives.

Providing for retirement

To ensure financial independence when you retire, you need to start planning for your retirement as soon as you earn your first salary.

If you know how much you will need to retire comfortably and have a retirement plan, you will know how much you need to save every month.

Cost-effective and tax efficient funding options include:

  • Retirement annuity funds
  • Pension or provident funds provided by an employer
  • Additional voluntary savings - monthly, lump sums or ad hoc investments