Tariffs
To make provision for different needs, different benefit plans are offered.
The benefit structures are set out in the tables below. Small Farmers (40 and less members) :
WAGES PACKAGES
LUMP SUM DEATH AND DISABILITY BENEFITS
DEATH AND DISABILITY BENEFIT
DEATH AND DISABILITY BENEFIT
DEATH AND DISABILITY BENEFIT
DEATH AND DISABILITY BENEFIT
DEATH AND DISABILITY BENEFIT
OPTION 1
OPTION 2
OPTION 3
OPTION 4
BENEFIT
1x ANUAL SALARY
2x ANUAL SALARY
3x ANUAL SALARY
4x ANUAL SALARY
COST AS % OF SALARY
1.05%
2.10%
3.15%
4.20%
ACCIDENT INSURANCE RATES
ACCIDENT/BODILY LOSS INSURANCE BENEFIT
ACCIDENT/BODILY LOSS INSURANCE BENEFIT
ACCIDENT/BODILY LOSS INSURANCE BENEFIT
ACCIDENT/BODILY LOSS INSURANCE BENEFIT
ACCIDENT/BODILY LOSS INSURANCE BENEFIT
OPTION 1
OPTION 2
OPTION 3
OPTION 4
BENEFIT
1x ANUAL SALARY
2x ANUAL SALARY
3x ANUAL SALARY
4x ANUAL SALARY
COST AS % OF SALARY
0.19%
0.38%
0.56%
0.75%
TEMPORARY INCOME DISABILITY INSURANCE
ACCIDENT/BODILY LOSS INSURANCE BENEFIT
ACCIDENT/BODILY LOSS INSURANCE BENEFIT
ACCIDENT/BODILY LOSS INSURANCE BENEFIT
ACCIDENT/BODILY LOSS INSURANCE BENEFIT
BENEFIT
75% OF PENSIONABLE SALARY
PENSIONS FOR 6 MONTHS
1 MONTH WAITING PERIOD
COST AS % OF SALARY
0.20%
0.20%
0.20%
ILLUSTRATIVE SCENERIOS OF THREE POSSIBLE BENEFIT STRUCTURES BELOW CALCULATIONS ARE BESED ON MINIMUM WAGE OF R 4 229.55 PER MEMBER PER MONTH.
EMPLOYER CONTRIBUTION
EMPLOYEE CONTRIBUTION
TOTAL CONTRIBUTION
6% CONTRIBUTION
COST
3,00%
3,00%
6,00%
6% CONTRIBUTION
R
R126.89
R126.89
R253.77
8% CONTRIBUTION
COST
4,00%
4,00%
8,00%
8% CONTRIBUTION
R
R169.18
R169.18
R338.36
10% CONTRIBUTION
COST
5,00%
5,00%
10,00%
10% CONTRIBUTION
R
R211.48
R211.48
R422.96
(1) Sanlam Group Risk
DEATH BENEFIT
DISABILITY BENEFIT
TOTAL CONTRIBUTION TO GROUP RISK INSURANCE
(2) AGRICULTURAL SECTOR PROVIDENT FUND (ASPF) CONTRIBUTION
ASPF CONTRIBUTION
LESS ADMINISTRATION FEE (a)
LESS ADMINISTRATION FEE (b)
NETT SAVINGS PER MONTH
TOTAL CONTRIBUTION TO SANLAM GROUP RISK (1)
TOTAL CONTRIBUTION TO ASPF (2)
TOTAL MONTHLY CONTRIBUTION (1+2)
1x ANUAL SALARY
COST
0,86%
0,19%
1,05%
COST
4,95%
0,45%
0,29%
4,22%
1x ANUAL SALARY
R
R36.37
R8.04
R44.41
R
R209.36
R18.83
R12.04
R178.49
R44.41
R209.36
R253.77
2x ANUAL SALARY
COST
1,73%
0,38%
2,11%
COST
5,89%
0,45%
0,34%
5,11%
2x ANUAL SALARY
R
R73.17
R16.07
R89.24
R
R249.12
R18.83
R14.32
R215.97
R89.24
R249.12
R338.36
3x ANUAL SALARY
COST
2,59%
0,56%
3,15%
COST
6,85%
0,45%
0,39%
6,01%
3x ANUAL SALARY
R
R109.55
R23.69
R133.23
R
R289.72
R18.83
R16.66
R254.24
R133.23
R289.72
R422.96