Employee Benefits
Oakmont Financial Group is proud to be an industry leader in the administration of Group Employee Benefit Plans. Our 40+ years of experience has resulted in refined systems and processes that ensure seamless implementation and ongoing coordination of requirements. With multiple value adds set to exceed expectations for both clients and their employees
The Benefits of employee benefits
Employee Benefit packages are an increasingly popular remuneration choice for employers seeking to attract and retain quality staff in a competitive marketplace. Benefits can include Group Salary Continuance, Group Life Insurance, Corporate Superannuation, Total and Permanent Disability Insurance and Salary Packaging.
There are a number of advantages offering personal insurance under a corporate policy including;
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Wholesale rates
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Guaranteed minimum levels of cover without any application requirements regardless of health or pastimes
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A single annual renewal date
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Simplified administration
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Cover 24 hours a day 7 days a week, unlike workers compensation which only covers working hours
Offering such benefits to your workforce not only enhances an employer’s ability to attract and retain staff it also provides a valuable benefit to employees and their families at a time of need.
Oakmont Financial Group has extensive experience in this area with comprehensive, simple and efficient services and processes developed over many years.
Group Life & TPD
Group Life cover provides a lump sum benefit payable to an employee in the event of death or terminal illness from either an accident or an illness. The sum insured can be designed to suit an individual employer’s objectives and budget with the most common option being a simple multiple of salary. A more complex formula could incorporate salary, length of service and remaining time to retirement which can potentially tailor the cover more closely to an employee’s more likely needs.
Disability cover can also be added which, unlike salary continuance cover, pays a lump sum in the event of total and permanent disability. This can be a very useful benefit to an employee who has capital requirements such as paying off a mortgage.
Group
Salary Continuance
Group Salary Continuance is simply Income Protection cover provided to employees under a single corporate policy owned by an employer. It pays out a benefit on a monthly basis in the event someone is unable to work as a result of either an accident or an illness. The benefits provided can be tailored to suit an individual employer’s needs and budget and are extremely flexible with a wide choice of the following three key elements of the cover:
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1. The level of cover which can be up to 75% of remuneration
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2. The waiting (excess) period after a disability occurs before a benefit becomes payable
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3. The maximum period the benefit is payable for
Coporate Superannuation
Employers offering corporate superannuation plans can enjoy several benefits:
Employee Attraction and Retention
A solid superannuation plan can be a powerful tool for attracting and retaining top talent. In competitive job markets, prospective employees often consider other benefits as a factor when evaluating job offers.
Employee Financial Security
By providing a corporate superannuation plan, employers can help contribute to their employees' long-term financial security. This can lead to increased job satisfaction and loyalty among workers who feel valued and supported by their employer.
Employee Wellbeing and Productivity
Employees who feel secure about their financial future are likely to experience less stress and anxiety. This can lead to improved overall wellbeing and higher productivity in the workplace.
Overall, providing a corporate superannuation plan demonstrates a commitment to employees' financial wellness and can yield various tangible and intangible benefits for employers.
Corporate Executive
Where an employer would like to provide additional benefits to their Executive Team, Oakmont has a range of flexible options that can be utilised, including but not limited to:
- Personal Insurance implementation and Review
- Personal Superannuation Review
- Investment Retirement Planning
- Cashflow and Budgeting
- Estate Planning