Provident Funds (PFs) are fast becoming an important benefit package for employees and a critical source of supplementary retirement incomes for workers. The benefits to employers for providing employees Provident Fund schemes are many.
PFs offer employers an avenue for boosting workers income security during retirement. PFs also provide firms a competitive edge in attracting and retaining highly skilled employees.
Indeed, a very attractive provident fund as an incentive scheme helps in boosting employee productivity and loyalty. Mwafuli Provident Fund has been designed as a multi-employer benefit scheme that offers considerable economies of scale advantages.
Becoming a participant in the Mwafuli Provident Fund does not require an employer to set up and run a PF scheme. Each participating employer is allowed to design specific rules that will guide the administration of contributions in this Fund.
The day-to-day management and administration of the Fund is handled by Axis Pensions Limited, a regulated Pensions Administrator, together with registered Investment Advisors and Custodian, to give employers the peace of mind to focus on their core businesses.