Staff on contractual employment
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Gratuity Management
Gratuity is a service payment provided to staff on contractual employment for the duration of their service (Fully employer sponsored, in compliance with RBA regulations). The accumulated benefits become accessible upon separation from employment or at the end of the contract.
Features
- The contribution rate as per employment agreement Maximum rate of 31% of the employee’s basic salary.
- Savings earn competitive returns on a compounding basis.
- Members may also make Additional Voluntary Contributions (AVC) to enhance their retirement benefits.
Admission Requirements
To join the scheme, a member must submit:
- Complete LAPF/1.AG (Admission Form – Gratuity Conversion)
- A copy of the contributor’s National Identity Card
- A copy of the beneficiary’s Identity Card
