Staff Gratuity Deposit Administrative Scheme

A guaranteed rate of interest is credited annually on scheme funds managed by Capital Express Assurance Limited. The rate of returns is determined in accordance with the trend in the economy and available opportunities in the investment market. The guaranteed rate of returns is usually negotiable and varies with the size of the fund.

For a contributory scheme, each member and corresponding employer's contributions as well as additional voluntary contributions are separately accounted for and interest is credited at the guaranteed rate. The fund grows until separation of a member at retirement, withdrawal or death and benefit payable depends on the level of contributions paid by the member, length of time such member has been under the plan and the investment performance of the fund.

It is pertinent to note that this is not an alternative to the on-going PFA arrangement but supplemental as a normal savings/deposit scheme.

Why Enhanced Retirement Benefit Scheme

• It overcomes the limitation set for the withdrawal of gratuity under the existing pension arrangement
• It motivates employees and promotes efficiency, loyalty and a sound personnel planning required to enhance the expected profitability and continuity of an organization
• The cost of providing the benefits is spread over a number of years, hence no panic or undue financial strain to the organization at a time when a large number of employees leave or retire during the same year. Administrative Services

Our Administrative services are as follows:

• To design and install schemes according to client's requirements
• Keeping and updating of employee's records
• Prompt disbursement of benefits. Upon exit of a scheme member, we shall calculate, advise and settle the benefits due to the withdrawing staff
• Issuance of Individual Statement of Accounts to all members in the scheme and preparation of Valuation Reports for the Board of Trustees

To enable us give a quotation, we shall be pleased to receive the following information in respect of each employee:

• Names
• Annual Salary (Total Emolument)
• Employee's & Employer's rate of contributions
• Date of Birth/Age
• Commencement Date
• Normal Retirement Age