Cicor suggests that businesses set up a Flexible Remuneration System through which directors and employees likewise can choose the way they want to receive part of their annual salary, by making a choice from a series of previously selected products instead of conventional monetary payment.

Setting up this plan will bring financial and tax advantage to both the business and the employees. In addition, they can be channelled through the Business’s Plan of Commitment to employees arising from cover for death, disability or retirement included in sectoral agreements and in already existing internal agreements.

Benefits

Taking out this plan also leads to:

• Improved sign-up conditions: products purchased collectively are generally cheaper than products purchased individually, and services or provisions with more qualitative or operative advantages can even be included.
• Advantageous tax treatment as remuneration in kind of many of the products if they are taken out by the business.

Products and services

Products and services that can usually be included in the Plan are:

• Health Insurance
• Life Insurance
• Accident Insurance
• Savings Plan - Retirement
• Pension Plan
• Loyalty Insurance
• Expatriates Insurance
• Early Retirement Annuities
• Car Leasing
• Training Courses
• Luncheon Vouchers
• Children nurseries
• Share or Bond Delivery Plan
• Telephony (broadband line) and IT Equipment Home Rental