Employee group benefit packages can include a suite of products and services that provide holistic financial and health support for you and your family.
It’s important to note that not all benefit packages are equal. While most people see salary as one of the most important employee benefits to consider for any job, it certainly isn’t always the case.
Evaluating your employee benefits
When considering a new position, it’s important to evaluate the benefits offered by the company together with the salary because you may find that a lower salary offer with great benefits can put you financially ahead when compared to a higher paying job.
Employers can also personalise benefit packages to meet the needs of their employees. It’s always important to understand the benefits offered by your employer as not all benefits are compulsory.
Different employee benefits
Providing retirement benefits is essential to an integrated employee benefits package. Retirement funds aim to provide an income when you retire and are no longer able to earn a regular income.
Many retirement funds in South Africa target a retirement income between 60% and 75% of the salary before retirement.
Group risk benefits
The Covid-19 pandemic has brought unprecedented challenges and there has never been a more important time to ensure that you have group risk benefits. Group risk benefits include life and disability cover and are generally priced at institutional rates, meaning that you, as an employee, benefit from lower premiums than you would pay as an individual.
Access to high-quality healthcare is important in preventing diseases and improving quality of life. Your employee group benefits could include a suite of healthcare options, from which you could select an affordable option tailored to your and your family’s requirements. The employer could also offer advice, which is important to help you make a decision and review your options annually.
Some group risk insurance policies cover the education and possibly living costs of your minor children in the event of your death before retirement age. It’s good to know if your group risk insurance includes this type of cover, as it protects your children’s future.
Life cover for your spouse
Some employers offer life cover for your spouse. This means that if something should happen to your spouse, your family will be protected.
Mental and emotional support
The COVID-19 pandemic has negatively affected the mental health of many people. It is now more important than ever for employers to offer assistance programmes which support emotional, financial and physical well-being, providing access to confidential counselling and other support.
Should you have any questions, please do not hesitate to contact your dedicated NMG consultant. Alternatively, you can reach out to us by completing the short form available on our website and we will contact you.
The information in this communication is for information purposes and is not intended to be detailed advice described in the Financial Advisory and Intermediary Services Act. The fund, administrator and trustees cannot be held liable for damage or loss suffered as a result of any action that you take based on the contents of this communication.
NMG Employee Benefits (Pty) Ltd is a licenced Financial Services Provider (FSP number 33426 and registration number 2007/025310/07).