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Introduction
| Iemas membership |
How the Iemas bonuses work | History of Iemas
| Iemas video introduction
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Iemas has been supplying South African employees and companies with financial
services for more than seven decades. We have developed lasting relationships with
many companies and members as we provide quality service and products.
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Iemas
was established in 1937 |
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Governed
by the Trade Co-operatives Act, 14 of 2005 |
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R95.9 million allocated to members in the form of the Iemas annual bonus in 2011 |
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Profits
paid to members and members building up substantial savings accounts |
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Over 154 000 active members |
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National infrastructure with 33 branches, regional offices, contact centre and service points |
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Services
rendered at the workplace |
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Employees
protected against exploitation and training in financial life skills |
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More
than 550 contracted companies including Kumba Resources, Medi-clinic, Sasol
Ltd., Samancor, Ingwe, Columbus Steel, ArcelorMittal, Assmang, Anglo Coal, Avusa, Astral Foods Ltd and Exxaro. |
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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 and some financial advisory services products. Currently approximately
550 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.
Every year, Iemas declares a bonus for product lines
based on the profit made during the year. These bonuses are paid mainly on
short-term insurance premiums, vehicle financing, pension-backed loans, mini
loans and the Iemas card. Iemas's financial year ends in August each year, after
which the financial statements are prepared. These are then audited by
PriceWaterhouseCoopers, after which the calculations for the bonus payments are
made. Bonuses are approved by the Iemas Board of Directors and paid out in
November each year. The annual bonus decision includes the amount paid out in
cash, the amount paid into members' reserve accounts and the percentage of
interest that members receive on their Iemas reserve funds.
The reserves, or DBPF (Deferred Bonus Payment Fund), form an important part of
Iemas's 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 where they can be used not only to the
benefit of Iemas, but to the benefit of that member as well. The benefit to the
member includes: |
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He/she builds up a nest egg without having to do anything - All they
need to do is to make use of Iemas' services |
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This
nest egg is tax free (tax only applicable to interest received) |
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He/she receives
interest on the fund at an excellent rate |
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Can
serve as security for loans where Iemas requires security |
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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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year, 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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