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The most important resource for any Company has always been the human one and the Company that adopts a well-structured Corporate Employee Benefit package will not only retain but also attract the best calibre of staff available. This ultimately reflects positively in the performance of the Company and hence improves the bottom line.
Whether we are consulting on a Provident Scheme or some form of Gratuity Replacement programme, you are assured that our independence ensures our Clients receive an unbiased appraisal of their requirements. Typically we are asked to provide solutions on corporate medical cover, group life and pension (Gratuity Replacement) schemes.
Globaleye are specialists in providing corporate financial solutions and have developed strategic relationships with several leading independent actuarial and employee benefit consulting firms around the world. Drawing on the strengths of our strategic partners and the specialist industry expertise, we are able to offer our clients innovative solutions on a local, regional and global basis.
Globaleye along with our specialist associates are very familiar with specific employee benefit needs. Moreover, we can provide an individual service and administration system to your specific needs (online if required) with the added benefit of being locally placed. We can demonstrate that the administration for such benefits is straightforward and in some cases we can alleviate demands on existing arrangements.
We can also provide individual financial advisory services to senior international executives requiring advice on tax efficient investment and savings plans. This service ideally complements their corporate benefit provisions, and enables the individuals to have access to high quality financial advice at corporate rates. The demand for this service has been extremely high reflecting the need and value placed on this benefit by senior executives. We seek a Preferred Provider status with our Clients, which allow us to pass on additional benefits to the Groups we administer.
Here are just some of the Corporate Employee Benefit services we can offer tailored to individual company's requirements.
Gratuity Replacement/Corporate Pensions
The Gratuity Scheme has been the traditional mode of compensation for Company Employees in the Middle East. As a result of local legislation, Companies are required to keep sufficient cash balances in order to pay departing employees a sum commensurate with the amount of time elapsed in the Company and subject to an amicable termination. Since provision has to be made (by Law) in the event of all employees possibly leaving, the amount of languishing capital can be substantial. Conversely, most companies will elect to pay this gratuity from cash flow in anticipation (hope!) that not all their staff will leave in one go. Whilst some companies in the Middle East employ a corporate benefits package, which may include a corporate pension scheme, most are still opting for the minimum gratuity entitlement - which is soon to be relinquished through Legal statutes due to the numerous inherent complications with this form of benefit.
Though gratuity schemes are undeniably great for the employer, they are not necessarily so for their employees - hence the more astute employers are making the move to gratuity replacement schemes (corporate pension schemes) to attract and retain key staff members. Retaining and attracting quality staff, particularly from Western employment backgrounds will demand some form of Corporate Benefits; Gratuity does not present that solution. As an example of the difference between a bespoke corporate scheme versus Gratuity, if we take an imaginary employee who has worked for your company for 15 years, their first years Gratuity entitlement has made no growth (not even at deposit rate!) for the remaining 14 years that they have worked for you. Just think what that could have yielded over the same period in a managed pension fund - and how much happier that employee would be. Moreover, with the implementation of managed accounts, insurance benefits like medical, Life and Critical Illness with Trustee services where appropriate to protect the interests of both Employer and Employee; Gratuity will be a thing of the past if Middle Eastern companies are to remain HR competitive.
Whether you are looking to reward senior management or assist employees plan for their future, Globaleye offers impartial advice on a wide range of flexible gratuity replacement schemes to meet your company’s needs with benefits that can include one or all of:
•The option to establish different contribution levels and benefits for each tier of staff in a multiple of currencies.
• The option for employer only, employee only or employer & employee contributions coupled to performance structures.
• The option to hold back benefits until the employee has undertaken a specific length of service.
• The option to hold the pension plan in Trust to protect it from liquidation of the Company and
• The option to attach life assurance, death in service and similar protection benefits. The option to provide an easily administered with online facilities coupled with ongoing support from Globaleye.
Globaleye are specialists in providing bespoke solutions and have developed strategic relationships with several leading independent actuarial and employee benefit consulting firms around the world, including Actuaires Associes (France), i-Benefits (Singapore/Malaysia), NMG Benefits (South Africa), NSP Buck (Australia), ASA, Inc. (USA), and Krieger & Associates (Canada). Drawing on the strengths of our strategic partners and the specialist industry expertise, we are able to offer our clients innovative solutions on a local, regional and global basis.
Our individual financial advisory services to senior international executives requiring advice on tax efficient investment, savings and Trusts is key. This service ideally complements their corporate retirement benefit provisions, and enables the individuals to have access to high quality financial advice. The take up levels on this service is extremely high reflecting the demand and value placed on this benefit by senior executives.
The most important resource for any Company has always been the human one and the Company that adopts a well-structured Corporate Employee Benefit package will not only retain but also attract the best caliber of staff available. This ultimately reflects positively in the performance of the Company and hence improves the bottom line.
Group Insurance Cover
Every business has to implement some form of insurance in order to function and protect itself. Unfortunately, protecting the most important asset – the human one – is frequently overlooked or under insured. Some of the benefits of Group Insurance are as follows: Contributes to employee morale and welfare Creates a favourable compensation package Instils work satisfaction and productivity Retain, Recruit, Motivate Important to the business Progressive and caring image towards employees and the public Low cost for all level of employees
Some of the cover that companies can incorporate within their own bespoke range of benefits include:
Group Life Cover
In order to provide some form of protection for employees or indeed to increase the existing private arrangements for staff members, Group Life can offer this regardless of their prior history of health (e.g. illness or disability). Lump sum pay-out based on employee's salary or on a fixed sum Cover is available on a compulsory or voluntary basis Murder & suicide are covered (suicide after 3 year waiting period) Normal term age is 65 (can be extended to 70 in some cases) Profit sharing available to groups of 100 or more
Accidental Death Cover
We do not plan for accidents and it is always too late when we need this type of cover. Implementing this form of cover can alleviate this uncertainty.
Benefit is paid as a lump sum Benefit cannot exceed the Group Life cover amount Benefit becomes due only if the employee dies as a direct result of an accident within 360 days of the accident Group Life Cover must be taken to have Accidental Death
Accidental Dismemberment
As it suggests...
Benefit is paid as a lump sum Group Life main cover must be taken to have Accidental Dismemberment. If an employee dies, any benefit paid under Accidental Dismemberment is deducted from Group Life benefit.
The two insurances above can be combined but the general requirement for basic Group Life cover is always required initially.
Long Term Disability
Clearly to costs today to meet the special needs for this kind of care can be astronomical. In order to offset this cost against the company expenditure or indeed the household budget (which incidentally is severely reduced now the bread-winner is disabled) some Long Term Disability Cover would cater for this. There are some criteria which need to be considered in order to qualify: The insured must be totally disabled This can be from either sickness or accident or both It is paid as an annual benefit Maximum term age is 65 Maximum benefit up to 80% of salary Must choose occupation definition in order to qualify Waiting period applies before the benefit can be paid
Permanent Health Insurance (sometimes referred to as Income Protection)
Securing our future objectives depends on us ensuring our income is paid throughout our working lives. Hopefully, when we retire we have the financial freedom to do all the things we have wanted to do for years. However, a loss of income would severely limit our plans. Loss of income due to being fired is difficult to cover (plus you can always get another job!) but losing your income due to ill health can be prevented. Here are some of the parameters:
Employee must suffer partial or total disability due to sickness or accident or both Benefits are paid until recovery, term age or death, whichever comes first Maximum benefit up to 80% of salary Must choose occupation definition Waiting period applies before the benefit can be paid
Permanent & Total Disability
As it suggests once again, in the event of this type of ailment an amount of monies will be paid out to the employee. You can also elect for Permanent Partial & Total Disability or Temporary Total Disability.
In order to review your corporate employee benefits or indeed incorporate them for the first time, it makes sense to get expert advice. Globaleye have been helping Corporate Clients tailor a solution that fits their profile now and for the foreseeable future incorporating flexible options as the business grows. By working closely with you we can understand fully your specific requirements and get the solution you want.
In order to keep fees to a minimum (first consultation is free) and to give the best possible solution, we need our Corporate Clients to provide the following information before proceeding to obtain the right solution. This indicates to us a serious commitment by the relevant decision makers to carefully review implementation of such benefits and helps cut down our consultation time. Please have the following information to hand:
Company name and business activity List of employees to be covered including name, date of birth, designation, location Employee salary details including gratuity entitlement to date and anticipated How much cover is considered per employee.
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Corporate Employee Benefits 
