Why your employee benefits are more important now than ever

Financial stability in an unpredictable world

Your employer may offer employee benefits but you may not realise what these benefits are, or how essential they are.

The past year has been tough for families, businesses and the world in general. Financial, physical and mental health has been difficult to maintain. In times of high pressure and stress, you may be tempted to dip into your savings, decrease contributions to retirement funds, or cancel these products. But good financial products, backed by expert advice on how to maximise their potential, can see you through difficult times.

A typical employee benefits package includes financial and health benefits

These often cover the employee and their family. A benefits package from Alexander Forbes offers financial advice to help families manage their day-to-day expenses, make big financial decisions, and plan for the future. This means you can live comfortably within your means. With good financial planning, you can even have money left over to save. Tax-efficient savings and investment products will help you make the most of your money, regardless of how much you earn.

Financial benefits

Financial stability means you can plan for everything:

• from things you don’t want to happen, such as retrenchment or illness;
• and things you hope will happen, such as buying a house or sending your children to tertiary institutions; and
• to things that will inevitably happen, such as retirement.

Health services

A benefits package from Alexander Forbes also offers health services, which may extend to spouses and dependants. Medical aid advice helps your family choose the best cover for your needs. Life and disability cover ensures that your family is protected should anything happen to you or your spouse. Some employee assistance programmes will even include counselling to ensure your mental and emotional wellbeing.

Retirement savings

Employers often have a contribution matching policy, which means that for every rand you contribute to your employer’s retirement fund, your employer will contribute one rand more. This helps you accumulate retirement savings in half the time. The employer contribution also generally covers the cost of benefits and fund expenses. And as part of a workplace fund, you’ll get institutional rates, which are not available to people. This means that your savings and investments will cost you less in management fees, giving you more room for growth.

Alexander Forbes partners with employers to personalise your employee benefits with these expert solutions. It also provides financial literacy training throughout your working life and beyond. These can help you and your family maintain financial and physical wellbeing throughout your lives. 

This article was paid for by Alexander Forbes.