These are employer sponsored arrangements, set up under irrevocable trust. Upon being set up the scheme is a separate legal entity. The principle objective of setting up an Occupational Retirement Benefits Scheme is to provide for employees upon their retirement or for their dependents on the unfortunate demise of an employee.
As an employer, you need to be able to attract and retain high caliber staff. One of the ways in which several leading organizations do this is through the establishment of an Occupational Retirement Benefits Scheme.
Your occupational retirement schemes can either be:
With the defined contribution scheme, which has proven to be very popular in the East African region, the amount or rate of contribution is determined at the start of the scheme.
At the time of retirement, the overall benefit is determined by the total amount of contributions and the accrued interest earned on the contributions.
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