According to the World Bank, only 6% of South Africans save up enough during their careers, to ensure a secure retirement. The lack of an adequate saving culture in the country has created a predicament where someone entering their 40s would need to save approximately 17% of their annual income in order to have a similar standard of living during retirement.
The Retirement and Provident Funds administered by Master Builders KwaZulu-Natal, provide a viable option for those seeking to plan for their financial futures. Most recently, our Funds have launched enhanced employee benefits which come at no additional cost to existing members.
These benefits include:
75% of monthly earnings for 21 months in the event of temporary disability,
2.5 times annual salary should a member become permanently disabled.
Should a member pass away, beneficiaries will receive 5 times the member’s annual salary.
There is also Funeral cover of up to R20 000 available for immediate family members of the policy holder.
Furthermore, 72% of contributions received are allocated to retirement savings.
We recently surveyed partners and members in order to better understand the current norms and practices relating to retirement and provident funds in the construction industry. We would like to thank all those who participated and congratulate Ms Charmaine Chetty of CP Sand & Civils (Pty), who won a R1000 shopping voucher in a lucky draw. She received her prize during a member meeting at our Zululand offices.
Should you wish to find out more about the Funds or how we could assist to tailor an employee benefit solution please do not hesitate to contact our offices. We look forward to engaging with you soon!