Madison’s Group Group gratuity Scheme
Madison’s Group Group gratuity Scheme gives employers a chance to set aside predetermined funds for the contracted staff members.
The scheme is established by an employer to provide pensions and other benefits to members leaving employment upon the attainment
of the retirement, separation or upon death of a member.
- To enable employers to pre-fund the gratuity benefits of their contract employees through affordable monthly instalments To enable employers to reduce the ultimate cost of funding gratuity benefits.
- To enable employers to demonstrate commitment to good care for staff welfare
- To enable employers to guarantee payment of gratuity benefits for their contract staff.
- The Employer shall make a monthly contribution in each contribution year of an amount not less than 25% of the employee’s monthly basic pay.
- Benefits earn an annual return benchmarked against inflation
- The gratuity benefit will become payable on expiry of contract, end of service, death in service or termination of contract by either party as per agreed rules of the Scheme
- At the end of each financial year, MLife will provide a fund statement which will show the accrued funds under investment.
- The gratuity benefits will be payable within 5 working days from the date of receipt of the duly completed claim form with supporting documents where necessary, e.g. proof of death for death in service cases.