It is mandatory that every business employing more than five employees must provide for pension fund for its employees.<\/p>\n
For corporates with more employees and better cash flows, it is easy to set up the fund as they are able to meet the minimum requirements. However, this is a challenge for small and medium-scale enterprises (SMEs).<\/p>\n
In a bid to assist SMEs in managing their pension provisions, some pension service providers are bundling several benefits to enable small enterprise employees to access pension services and insurance without hurdles and at a low cost.<\/p>\n
Old Mutual Malawi Limited Corporate Sales Manager, Wendy Beza, said, to access services, a small business must have five staff members or less if the members are earning above K10,000 per month and the business is fully registered.<\/p>\n
She said over 100 small-scale businesses are accessing pension services at Old Mutual Malawi Limited through a product called Easy Benefit Plan, which is easy to set up.<\/p>\n
\u201cYou don\u2019t need to set up a Board of Trustees as required by law because Easy Benefit Plan is an umbrella fund with a Board of Trustees.<\/p>\n
\u201cIt also costs more in terms of management time to run a fully-fledged trustee board\u2013 hich they should not have to run if they are under the Easy Benefit Plan,\u201d Beza said.<\/p>\n
She said organisations are provided with audited accounts detailing all contributions made and any benefits paid out.<\/p>\n
Members can view their benefits on mobile phone and are provided with \u201cannual benefit certificate\u201d.<\/p>\n
Another value add is funeral cover benefit, which offers employees\u2019 families meaningful assistance when they lose loved ones.<\/p>\n","protected":false},"excerpt":{"rendered":"
It is mandatory that every business employing more than five employees must provide for pension fund for its employees. For corporates with more employees and better cash flows, it is easy to set up the fund as they are able to meet the minimum requirements. However, this is a challenge for small and medium-scale enterprises […]<\/p>\n","protected":false},"author":3,"featured_media":62127,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-62126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/62126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=62126"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/62126\/revisions"}],"predecessor-version":[{"id":62128,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/62126\/revisions\/62128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/62127"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=62126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=62126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=62126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}