10X December 14 21

A year-end bonus that costs nothing

After a tough couple of years, few workers will be surprised if the end-of-year ‘bonus season’ is less rewarding than in years gone by. However, says Ishani Khoosal-Kala, the Head of EB Corporate Distribution at 10X Investments, there is a way that many employers could recognise the efforts of employees without forking out a cent.

I am not talking about extra days off (although that would be nice); I am talking about a different kind of reward, one that will keep giving for many years.

What better way to say thank you to staff who have remained dedicated, inspired even, through these dark times than to set processes in motion that will mean a big increase in their pension every month.

Reducing the fees you are paying on your corporate retirement fund could mean as much as 30% more income in retirement for members. Moving your corporate fund to a low-cost, high-performing provider is an efficient and inexpensive way to reward your staff.

The maximum investment fee charged by the 10X corporate retirement fund is 0.58% including VAT, less than a third of the industry average of 2%. A difference of 1.4% might not sound like a lot but when you think of it as 1.4% of the total value of your whole company’s retirement savings, left in the fund to grow and compound every year, you realise we are talking about a massive bonus for your staff at a time when they need it most.

Those who can afford to do so could leave the fee-saving in their retirement savings fund to grow over the years, meaning more money in retirement. Others, who are struggling to make ends meet and save enough for retirement today, might see the fee saving as some potential immediate relief.

It is easy enough for 10X fund members to see if they are saving enough and are on track to being able to maintain their lifestyle in retirement by logging in to My10X, the 10X members portal. Here they will find a number of calculators and other tools as well as a variety of free, downloadable ebooks, such as The South African guide to corporate retirement funds.

There is a little extra bonus in here for managers and HR staff too: 10X’s fee includes a full suite of services, covering all the admin, employee benefits consulting, and payroll and human resources training.

As 2021 comes to an end, many employers will be stuck between desperately wanting to reward staff for their efforts through a tough year and a cash crunch as businesses are just getting back on their feet. Introducing a group benefit – such as a low cost, high performing retirement savings fund for your staff – or revisiting benefits you already offer to make sure they are the best available is an ideal bonus.

Either way, you have nothing to lose and everything to gain by getting 10X to do a quote, or a fee analysis and comparison with your current fund. It is all completely free, which is a bit of a bonus too.

The content herein is provided as general information. It is not intended as nor does it constitute financial, tax, legal, investment, or other advice. 10X Investments is an authorised FSP (number 28250)

This article was first published by EBnet on the 25th November 2021. 

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