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Should business take care of its superannuated employees - Essay Example

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Superannuated employee considers the fund as the prominent source of income for the future once they attain the retirement age. Any mismanagement of the…
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Should business take care of its superannuated employees
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Extract of sample "Should business take care of its superannuated employees"

Download file to see previous pages It is the obligation of the business management board to take care of the superannuated employees through adhering to the set restrictions. The essay below outlines the reasons why businesses should take care of the superannuated employees with a focus on the benefit to both the employee and business.
Most employers and business management structures value their superannuation programs according to the assumed manner in which they are valued by the employees. The viability of the scheme should be ascertained formally through comprehensive research. This implies that most of these benefit programs do not satisfy the employee needs. Paying close attention to the improvement of the superannuated benefits will ensure that the benefits are aligned with what employees want and value. Catering for the welfare of the superannuated employees acts as an assurance to other employees that their future benefits are flexible enough to be useful even when outside the work environment (Billing et al, 2010). Superannuation plays a crucial role in the improvement of the retirement benefits. The change in superannuation programs has enabled employees to apply their superannuation benefits in paying off their mortgage and investing in shares. Focus on superannuated employees ensures that improvement of their welfare is maintained through the use resources from the fund. Superannuation is popular among the work force due to the compound interest accrued after a long working life. The business has an obligation of ensuring that the long-term accumulated benefits are paid during retirement. Taking care of superannuated employee ensures that their patience and willingness to get involved in the high-risk investment is rewarded. Employees should be guarded against losses in the case of business failure.
Superannuated employees are the most vulnerable to losses in the event ...Download file to see next pagesRead More
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