Our Employee Benefit Consulting company offers advice, and designs solutions for employers with respect to their group risk assurance, medical aid and retirement funds benefits. We are totally independent of our service providers and have no financial interest in which providers we ultimately recommend. Our consultants work with our clients in identifying their employee benefit needs and objectives and then develop, design, implement, manage and monitor an employee benefit plan which aims to meet those needs and objectives.
What is an Employee Benefit Plan?
A typical EB plan will include one or more of the following:
A Retirement Fund, this is usually either a pension or provident fund which aims at assisting employees to save for their retirement,
Group Assurance, this provides benefits to employees and their families in the event that the employee is injured, becomes ill or passes away prior to reaching retirement age, and
Healthcare, this assists employees to pay for their and their families medical expenses.
Retirement Funds
With less than 6% of the South African population having sufficient savings to allow them to have a financially secure retirement, the need for employers to provide a cost efficient retirement savings vehicle has become more important than ever before.
The need to provide a meaningful retirement plan balanced with an ever changing regulatory environment and the increasingly onerous fiduciary role employers and boards of management assume, make it increasingly difficult for employers, advisory committees and boards of management to manage retirement plans without an experienced and qualified consultant assisting them along the way.
Once the design, management and administration of the Fund is secure, we provide advice on what type of investment funds are available and we advise our clients on what type of investment mandate would best meet the needs of their particular retirement fund.
We then monitor the entire fund against industry norms and identified benchmarks and report back to our client on a regular basis.
Group Assurance
Life assurance, disability insurance, dread disease cover and funeral insurance provide benefits for employees and their families which act as a financial cushion when unfortunate events occur. We constantly re-evaluate the quality of the underwriters we recommend and the competitiveness of their rates.
We constantly re-evaluate the quality of the underwriters we recommend and the competitiveness of their rates.
Healthcare
We are licensed with a large number of healthcare companies, and our consultants work with our clients in identifying which medical aid company and benefit package best meets the needs and pockets of the members.
Our Service
There is little point in having a well designed and managed EB plan if the employees do not understand it or appreciate it's value. Member communication and education has become an increasing focus for our client service consultants.
Each client is allocated a client service consultant who will call on the client to discuss revisions and changes to the EB plan structure and costs and will address issues as they arise. A dedicated administrator will check all contribution payment schedules from the employer and will facilitate payment of all benefits to members and their families.
If you would like more information on our Employee Benefit Consulting Services please contact Pat Waters at pwaters@bayunion.co.za
The Bay Union Operating Divisions:
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