Cyprus-Forum.com

[bonnie]

Hi folks, this has just come out my salary, can anyone explain what this is as my employers are a bit vague.

Ange

[Strahd]

The provident fund is money(a small percent of your salary) you and your employer contribute equaly every month. This money is then saved in a savings account or some other secure investment and after 5 years of service with the company you are entitled to get the whole sum if you leave the company(plus any interest). Otherwise if you leave earlier than that then you are only entitled to your own contribution only.

It is a very good way of saving money for the long term and when you go on pension you will get a nice lump sum of 1000s of pounds (Euros then) as a retirement bonus which will be that money. That is if you stay in that job until then.

[twinkle]

The Provident fund is a saving scheme (pension scheme), which provides for cash benefits for staff in case of termination of employment, permanent incapacity for work (i.e. forced early retirement), retirement and death.

The Provident fund is financed by periodical contributions payable by both the employers and employees and are assessed on the employees earnings. The contribution rates are agreed upon between the employer and the employees.

If you fall pregnant and leave you get the lot. If you leave after three years you get your contribution and a percentage of the company's contribution they paid for you.

You are a member of the fund and entitled to see the constitution/articles of the company scheme which will explain everything ie the percentage they have to pay and the maximum/minimum percentage you can pay in. It is not compulsory and you do not have to join. Ask to see the articles.

[twinkle]

also...........it should be independently run from the Company. They should have no control over it and it should be run by a committee from members of staff. The Central Bank has a department all about this and there is also a seminar due to be held by the Chamber of Commerce on this subject.

[Kikapu]

If you fall pregnant and leave you get the lot. .

I was wondering how people got pregnant. I should watch my steps as not to trip over and fall.