End-of-Service Gratuity (EOSG) Employee Benefit Plans
Why Choose Sovereign?
Sovereign’s EOSG service allows the sponsoring employer to save towards their end of service gratuity liability through an employee benefit plan, which provides a more efficient means of funding gratuity liabilities. It should be noted that this structure does not remove the employer’s end-of-service gratuity obligation, but it does provide a formal and efficient means of funding the liability.
Our EOSG employee benefit plans can be tailored to your budget. EOSG costs should be reduced through early investment, while providing employees with better benefits will generally assist in employee retention and saves on employee replacement costs. Our aim is to minimise the cost and the administrative burden, while helping you to recruit and retain good people.
Our EOSG employee benefit plans will be tailored to meet the exact requirements of your business and can be expanded to incorporate a savings plan within the same structure to strengthen your relationship with your employees and provide an additional benefit whilst gaining economies of scale. This would be a valuable benefit to employees because they can save easily and efficiently from payroll.
Easy to administer
Our on-line control centre puts you in instant control of all aspects of your EOSG employee benefit plan. If required, we can also provide members with a clear and concise overview and the freedom to engage directly with their account within a secure environment.
Sovereign offers trust-based employee benefit plans in which the assets of the scheme are held in trust for the beneficiaries (the employees). This ensures the legal separation of the plan’s assets from those of the sponsoring employer, which provides an additional layer of comfort to employees and protects the plan from any party seeking to lay claim to the assets of the business.
Investments options are at the heart of all good employee benefit plans. We provide a range of funds from leading fund houses across different risk appetites. This is in addition to placing sustainability at the heart of our investment ethos – allowing employees to balance growth and ethics simultaneously.
Keeping up with your EOSG obligations is not just about regulatory compliance. It also involves business planning, the creation and integration of new processes, and the engagement of both the employee and employer. Sovereign has established itself as a market leader in the provision of employee benefit plans through substantial investment in our staff, systems and infrastructure. As a local provider, we will always be on hand to assist you and your employees in person.