How Much Is the Security Bank Retirement Fund Minimum Investment
SECURITY BANK RETIREMENT FUND – Here is a guide on the minimum investment amount under this Security Bank offer.
Several companies are in the pursuit of securing the future of their employees even in the event of separation from office. Some of these firms did it through a retirement plan.
The retirement plan is a plan set up by a company in preparation for the separation or retirement benefits of the employees. It is tied up with a bank where the company makes a monthly deposit or remittance.
Security Bank is one of those which has the said offer. The bank offers two (2) options – the Fixed Benefit Plan and the Contributory Plan.
Under the Fixed Benefit Plan, the benefits that the employees will receive depend on their length of stay with the company and the current salary.
With regards to the Contributory Plan, the benefits that the employees will receive came from the contributions made between the employer and the employee plus the earnings of the fund.
There are processes in setting a retirement plan. According to the bank, the following must be observed:
- It must be a definite written program;
- It must be a permanent and continuing program unless terminated by virtue of a valid business reason;
- Must cover at least 70% of all officials and employees;
- It must be non-discriminatory;
- It must provide for non-forfeitable rights;
- It must be non-diversionary;
- It must be administered by a Trust.
Under the Security Bank Retirement Fund, the minimum investment amount is Php 5,000,000.00. The employee headcount is 10.
Do you want to set up a retirement fund for your employees? To check on the documents needed, you may visit – Requirements for Security Bank Retirement Fund Application.
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