Move to support the SMME sector: Standard Bank and Liberty Corporate launch Employee Protect

Standard Bank and Liberty Corporate announce the launch of Employee Protect, a new product that provides cost-effective employee benefits solution to South Africa’s small businesses (SMME), with no medical underwriting requirement.

A first, of its kind, by a South African bank, Employee Protect is a simple, low-cost, administration solution that enables employers to provide a formalised employee proposition for its staff members.

Ravi Govender, Head of Small Enterprise at Standard Bank, says Employee Protect is aimed at small businesses with an annual turnover of less than R10 million and a minimum of five staff members. “This is an entry level employee benefits solution offering death, occupational disability and family funeral benefits to meet the needs of small businesses seeking to provide cost-effective benefits for their employees.”

“A key focus for Standard Bank is understanding the challenges and needs of customers and providing solutions that meet those needs and make their lives a little easier. Employee Benefits are an important ingredient in an employer’s value proposition and we are pleased to be able to assist small businesses to offer added value and security to their employees,” adds Govender.

Employee Protect also offers added benefits, such as trauma counselling, which is ideal for a small company that most likely does not have an in-house human resources department to deal with such issues.

“Government has identified SMME growth as key to our country’s overall economic growth and Standard Bank remains committed to playing a role in supporting the growth and sustainability of the small business sector,” continues Govender.

Tiaan Kotzé, Executive: Corporate Distribution at Liberty Corporate says the product has a dual positive impact in that it provides protection from unforeseen financial obligations for both employees and employers.

“As a leading employee benefits provider, we are proud to have partnered with Standard Bank to provide such a solution to further empower SMMEs,” says Kotzé.

Employee Protect is a Standard Bank offering, and will be available through Standard Bank branches nationally. It is underwritten by Liberty Group Limited.