Provident Funds (PFs) are fast becoming an important benefit package for employees and a critical source of supplementary retirement incomes for workers.
With attractive tax incentives offered under Act 766, employees’ contributions, together with tax reliefs and investment returns, can help provide handsome incomes for workers.
The benefits to employers for providing employees Provident Fund schemes are many.
PFs offer employers an avenue for boosting workers income security during retirement. PFs also provide firms a competitive edge in attracting and retaining highly skilled employees.
Indeed, a very attractive provident fund as an incentive scheme helps in boosting employee productivity and loyalty.
Attractive tax incentives offered by the Act 766 means that contributions to employees’ PF accounts are tax deductible for the purpose of corporate tax.
Cedar Provident Fund has been designed as a multi-employer benefit scheme that offers considerable economies of scale advantages.
Becoming a participant in Cedar Provident Fund does not require an employer to set up and run a PF scheme.
The day-to-day management and administration of the Fund is handled by a Axis Pension Trust, a regulated Corporate Trustee and registered Investment Advisors, to give employers the peace of mind to focus on their core businesses.