[Article I wrote to promote Kinfundi]
It is annual bonus time but with the current state of economic affairs in South Africa, some companies might not have performed as well as they’d hoped. This does not mean that employees have not been working extremely hard, and now it is possible to reward them in a very unique way.
Education means liberation. And the current education crisis has put a big spotlight on education affordability. The fact remains that South Africa’s economy is not strong enough to offer free education and therefore the onus falls on parents, who more often than not cannot afford tertiary education for their children.
As a bonus to employees, companies can join Kinfundi, invest a small amount into this education savings benefit and continue with monthly contributions as part of their employee benefits offering.
Kinfundi is a new type of fringe benefit that employers can offer to their staff to help them save for their family’s future education fees. It is important for employers to recognise the hard work done by their staff and by offering them a helping hand with education savings, they are rewarding their employees in an innovative and collaborative way. “Imagine the impact on morale, retention and staff engagement when you help staff not only with their development, but the education of their entire family?” asks Dakin Parker of Kinfundi.
“We are an educational affordability platform, not a financial service. This reduces barriers to access and allows for far lower costs. Employer contributions are tax deductible and qualify as both Skills Development and Socio-Economic Development spend on their B-BBEE scorecards”, says Chris Nel, Managing Director of Trusted Education Group, the company bringing Kinfundi to market.
Staff members that join Kinfundi each get their own account, which is held in Edu-Time Points (ETPs) and not Rand (1 ETP = R1). Employers and members start saving through monthly contributions via payroll that need to be remitted by the employer to Kinfundi. The contributions get invested and account balances also grow through donor funding. Companies who are signed up with Kinfundi can even make Kinfundi—and therefore their own employees—the beneficiaries of their CSI spend.
“For the first time there is now a public product available that employers can use to create their own bursary scheme for staff, without having to incur the massive admin cost and headache of setting it up internally,” said Dakin Parker.
By encouraging and helping their employees save for the education of their families, they are thinking further than just this Christmas. They are offering a substantial reward at a low cost to the company.
And what is in it for the employer?
Dakin Parker replies, “Our product has been developed and fine-tuned to ensure that all of its features meet market demands and that its benefits offer maximum tax friendliness and B-BBEE spend credits, while being compliant with legislation and market expectations.”
All contributions made to Kinfundi will be spent on tuition fees at primary and high schools, colleges, universities and any other SAQA-recognised educational institutions. For the first time lower income and working family households are able to afford education for their families, which means children can fulfill their academic potential and become economically liberated.
Interested? Get in touch with Kinfundi on: firstname.lastname@example.org or 021-200-0430 or submit an inquiry through this page on their website.