PENSION SCHEME

The retention of a loyal and hardworking staff is a prerequisite for a stable and progressive organization or company. To do this, a well-designed Pension Scheme is the answer. If an employer has a minimum of 5 or more staff, a pension scheme will make them retain their loyal members of staff and check Labour turnover, thereby achieving maximum productivity and output.

There are generally two types of Pension Scheme. These are the Contributory and the Non-Contributory. Under the contributory, the employer and the employee both contribute to the scheme on an agreed proportion or percentage of the staff salary. The non-contributory type is however completely taken over by the employer and fully paid for by him.