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The Iemas system makes payments via EFT (electronic fund transfer) the day after your application was activated and the amount is available the next day as it takes +- 24 hrs after the file was sent to the bank.
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We are still in the process of changing all our accounts to EFT payment as an option. At present only the maxi– and mini loans and advance accounts have this option.
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Iemas prefers salary deductions as main payment method. Our deductions are consolidated and therefore the system allows for only one bank debit order or salary deduction.
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To have access to the full range of Iemas products and services, an individual must belong to a participating employer group/company where Iemas has a salary deduction facility. Certain products are available to the general public and these include: Short-term insurance. Currently approximately 520 employer groups offer the Iemas services to their employees. If you would like to schedule a professional presentation or if you need more information regarding how your company can share in the benefits, please contact one of our marketing managers to find out more! Membership application forms are available from all Iemas offices.
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After the end of every financial year, the Iemas Board decides on the percentages for each product line based on Iemas’ performance. The bonus on short-term insurance is paid out in cash to members or it is combined with the financing bonus. The financing benefit is split into two (this ratio also confirmed by the Board) of which a part is credited to one of the accounts or paid into the Iemas card account and the second part is credited to the member’s Deferred Bonus Payment Fund (this Fund earns interest as well). The amount credited to one of the financing accounts can be claimed by the member and will then will be paid via EFT into his/her bank account. The reserve fund, with interest, is paid out to a member upon termination of membership, after the end of the financial year, when the member applies for payment.
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The reserves, or DBPF (Deferred Bonus Payment Fund), form an important part of Iemas' financing strategy. Instead of the Iemas board allocating the reserves required to a general reserve that cannot be linked to a particular member, they are allocated to a specific member. The benefit to the member includes:
- He/she builds up a nest egg without having to do anything - All they need to do is to make use of Iemas' services
- This nest egg is tax free (tax only applicable to interest received)
- He/she receives interest on the fund at an excellent rate
- Can serve as security for loans where Iemas requires security
- A member's accumulated DBPF is paid out to the member when he/she terminates membership or he/she reaches retirement age
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Every year, active members receive a statement of benefits detailing the bonus percentage, bonus amount per product, the amount paid out, the amount paid into the member's reserve fund as well as the interest received for the year and the total amount of the reserve fund after the latest allocations.
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It’s paid out in November.
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If you resign before 31 August (Iemas financial year end), the fund will be paid out on a date set by the Board, in the following financial year. If you resign after 31 August, your final interest and dividends on your reserve fund will only be calculated at the end of the next financial year (31 August) and paid out in the year after that. Members must apply for payment of the reserve fund.
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If you settle your account after the salary deduction schedule is sent to your employer, there will be a last deduction. Iemas will effect a refund.
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