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Find out how Remote can guide you through the complexities of managing cross-border hiring, payroll, taxes, and compliance.

 

Retirement & Pension

Remote offers a mandatory Provident Fund in South Africa as part of its Basic Benefits package to ensure compliance with local retirement savings practices. This Provident Fund applies to all employees.

  • Contribution Overview:

    • Employer Contribution: 5% of base salary.
    • Employee Contribution: 5% of base salary, with the option to increase the contribution up to 27.5% voluntarily.
    • The contribution rates are fixed, with no flexibility for employer contributions beyond 5%.

    Key Features:

    • Provident Fund: The fund serves as a retirement savings plan for employees, providing long-term financial security.
    • No Opt-Out: Employees cannot opt out of this mandatory benefit.
    • Waiver of Premium: In the event of long-term illness or disability, premiums are waived to ensure continuous pension accumulation.
    • Pension Transfer: Employees can transfer their existing funds to another pension provider upon leaving Remote.

    Additional Benefits:

    • Disability Coverage: The plan includes disability coverage, ensuring income protection if an employee is unable to work due to illness or injury.
    • Survivor’s Pension: Ensures financial security for the employee’s family in case of death.