FundsAtWork cover for local business
The aim of the FundsAtWork initiative is not only to contribute to the viability of businesses in the Ilembe district but also to enable entities to become responsible employers.
The tragic taxi accident that claimed the lives of 16 people last August rattled the Ilembe district and inspired change within the Ilembe Chamber.
Given that 14 out of the 16 of the accident victims did not have funeral cover, the Ilembe Chamber teamed up with Momentum to provide chamber members with affordable employee risk benefit insurance cover by creating a FundsAtWork solution which was launched on June 9.
”The taxi accident last year highlighted the financial dependency and needs of employees and their dependents. It is an option that employers may take. They can either contribute a certain percentage or have the amount deducted from the employees salary.”
“The Chamber needed to take the lead to facilitate this for businesses. We chose Momentum because they offer creative, innovative solutions.”
The aim of the FundsAtWork initiative is not only to contribute to the viability of businesses in the Ilembe district but also to enable entities to become responsible employers. For many lower level employees, sponsored employee risk benefit is the only cover that is offered to them.
Smaller employers cannot always afford to supply risk benefit to employees and they will also benefit from the FundsAtWork partnership as it is grouped and offers a cheaper rate.
“Many people cannot afford the cover or they take it in a personal capacity and only pay for a few months and then stop. The cover then lapses. For many, thinking in the long term is not always an option as they need to maintain their daily, financial needs first,” said Sandy Govender portfolio manager at Momentum.
The Ilembe Chamber offering includes funeral and educational benefits, lump sum death and disability benefits as well as retirement savings .
The solution will also provide pension backed home loan facilities depending on a certain criteria. Any lead fee that may become payable to the Ilembe Chamber will be passed onto the relevant chamber member in form of a discount on membership fees.
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