WHY SHOULD EACH AND EVERY BUSINESS ORGANISATION HAVE EMPLOYEE BENEFITS Happy employees are self motivated, easy to retain, productive and profitable in a business. Employee benefits make employees happy as they feel valued in the company, cared for and welcomed in a business. They give the employer and the employee a peace of mind at work as they are not worried about unforeseen future circumstances. They also reduce tax for both the employer and the employee as they can claim back tax deductions from their contributions. From the 1st of March 2015, no limit is placed on the employer with regard to the deduction claimable for contributions made to these funds on employee’s behalf. The total contributions deductible by an employee will be limited to 27.5% of the greater of remuneration or taxable income but capped at an annual limit of R350 000. Research shows that staff turnover rate is very low in businesses that provide employee benefits. Small to medium enterprises are now able to attract highly skilled employees through the provision of employee benefits. Employers who have employee benefits in their businesses do not only enrich and improve the lives of their staff - they also ensure the ongoing success of their businesses. Any business organisation can have an employee benefits scheme, even a small business with as low as 5 employees. The benefit structures will be tailor made for each and every different company through the expert knowledge possessed by our financial consultants. Kindly contact our consultants if you have any questions. Written by :Tanya Koertzen Michael Sibanda
Posted on: Fri, 03 Oct 2014 06:56:19 +0000
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