Page 36 - Springsville Handbook 1_Neat

SECTION EIGHT
EMPLOYEE BENEFITS
Staff at SIS are provided with a wide range of benefits. Benefits eligibility is dependent upon a variety of factors, including
employee classification. The following benefit programmes are available to eligible staff.

PERSONAL LOAN
The school does not grant personal loans to staff members. All confirmed staff can apply for loan through the school’s
designated bank. However, the amount to be granted is subject to the approval of the bank and only staff with current
account can apply for loan.

GRATUITY/PENSION SCHEME
Based on the Pension Reform Act, 2004, the right to gratuity has been abolished. Under the Act, the only group of
workers who have unequivocal entitlement to gratuity are the groups exempted from the Act. The school shall abide with
the new pension reforms. At the end of every month, it shall remit 18% of the total sum of an employee’s housing,

transport and basic allowances to his/her Pension Fund Administrator (PFA). 8% of the above sum shall be contributed by
the employee while the balance of 10% shall be funded by the employer. Under the new Pension Reform Act 2014, no
employee would be able to access his/her pension fund (savings) except he/she attains retirement or attains the age of
50.