Cafeteria PlanHow does it work? Advantages Good to know Useful link(s)
Boost your employees’ motivation and loyalty through the Cafeteria Plan offered by AG Insurance SA/NV!
The plan enables you to offer customised employee benefits.
They receive a set budget, which they can allocate as they wish among the different offered guarantees: Pension insurance with possible death cover, premium insurance and replacement income cover.
How does it work?
- You take out an insurance contract.
- You set a budget for all members of the plan. This can take the form of a percentage of salary or a fixed amount.
- You choose from among a wide range of formulas the guarantees you want to offer to a specific category of your employees:
- A savings component for the supplementary pension;
- Death cover paid to the beneficiaries if the employee should die before reaching retirement age;
- Supplementary compensation in the event of accidental death;
- A replacement income in the event of work incapacity;
- Premium insurance to guarantee that the pension contributions continue to be paid in the event of work incapacity.
- You can choose for which guarantees you want to offer your employees a degree of flexibility and the various options that are possible within those guarantees.
- An online application means you can easily carry out and track your transactions and your usual Employee Benefits tasks.
- The Cafeteria Plan enhances your pay package (motivational HR policy), boosting your staff retention and helping persuade new candidates to join your business.
- Your employees can consult and self-manage their Cafeteria Plan whenever they want.
- Real-time simulations let them display the impact of each potential action on the capital sum they will receive at retirement age, helping them to make the best choices.
- Within the budget you have made available as employer, your employees can choose the cover they want according to their individual needs.
- If an employee wishes to purchase or renovate a property in the European Economic Area, he or she can request an advance on the accrued reserve.
Good to know
- You have to respect the law on supplementary pensions when setting up and adjusting the Cafeteria Plan.
- Rather than paying a cash bonus to your employees, you can pay all or part of it into a Cafeteria Plan. Not only is this more beneficial to staff, the bonus plan also enables the employer to reward good performance in a tax-efficient way.
AG Insurance sa/nv – 53 boulevard Emile Jacqmain, B-1000 Brussels – RPM/RPR Brussels – VAT BE 0404.494.849 – www.aginsurance.be. Accredited insurance company licenced under code number 0079, under the supervision of the National Bank of Belgium, 14 boulevard de Berlaimont, 1000 Brussels.
BNP Paribas Fortis sa/nv, 3 Montagne du Parc, B-1000 Brussels – RPM/RPR Brussels – VAT BE 0403.199.702, registered with the FSMA under n° 25.879A and acting as a contractually appointed insurance agent on behalf of AG Insurance sa/nv.