Explore Prima Consulting's expertise in new schemes setup, where we blend innovative solutions with regulatory compliance to ensure effective employee benefit scheme establishment and program implementation across the Kingdom of Saudi Arabia, UAE, Pakistan, and other places.
Setting up new employee benefit programs in KSA, Pakistan, and UAE is crucial for maintaining a competitive edge and ensuring employee satisfaction.
At Prima Consulting, we guide you through every step of the process, from initial design to full implementation.
As your consulting actuary for new plans, we ensure that each scheme aligns with your company's goals and meets all regulatory requirements.
Our expert team provides tailored solutions to your unique needs, ensuring seamless integration with existing benefits.
We use advanced financial modeling and actuarial analysis to effectively predict costs and manage risks.
Our commitment to transparency and stakeholder communication ensures a smooth transition and high employee engagement.
Our customized employee benefit schemes assit you in setting up pension schemes, gratuities, and leave encashment, addressing specific needs and regulatory requirements.
Our tailored designs ensure alignment with organizational goals and provide flexible options to meet diverse employee needs.
We create schemes that enhance employee satisfaction and retention by understanding your unique requirements.
Our services ensure all benefit schemes comply with local regulations and international standards like IAS 19 .
We stay updated with the latest regulatory changes to ensure your schemes meet all legal requirements.
This helps mitigate risks related to compliance and ensures smooth approval and implementation.
We integrate new schemes with your current benefits to offer a comprehensive package.
Our approach ensures no gaps or redundancies in your benefits offerings.
This integration enhances the overall value of your employee benefits and simplifies administration.
We provide detailed actuarial valuations to assess the financial impact, including funding requirements and cost projections.
Our valuations help you understand the long-term financial commitments and plan accordingly.
This ensures that your new schemes are financially viable and sustainable.
Our team conducts scenario and sensitivity analyses to evaluate potential risks and financial outcomes under various conditions.
This proactive approach allows us to prepare for different scenarios and adjust strategies.
It helps in making informed decisions and maintaining financial stability.
We offer accurate cash flow projections to help manage the financial sustainability of your new schemes.
Our projections provide insights into future cash needs and help in budgeting and financial planning.
This ensures that your schemes remain financially sound and manageable.
We identify and assess risks associated with new schemes, including demographic, financial, and regulatory risks.
Our comprehensive risk assessment helps us understand potential challenges and vulnerabilities.
This allows us to effectively develop targeted strategies to address and mitigate these risks.
Our strategies focus on mitigating identified risks to ensure scheme sustainability and security.
We implement measures to address potential issues and safeguard against unforeseen events.
This proactive approach helps maintain the integrity and effectiveness of your benefit schemes. Ongoin
We provide continuous monitoring and periodic reviews to adapt to market and regulatory changes.
Our ongoing oversight ensures that your schemes remain relevant and compliant.
This helps you make necessary adjustments and maintain the success of your benefit programs.
We develop strategies to explain new schemes to stakeholders, ensuring transparency and understanding.
Effective communication fosters trust and support for the new schemes.
This approach helps address any concerns and ensure a smooth transition.
Our programs help employees understand and maximize their benefits.
We provide resources and support to enhance employee engagement and satisfaction.
This ensures that employees fully appreciate the value of their new benefits.
We offer workshops and training for HR teams and employees to ensure smooth implementation and management.
Our training sessions ensure that all parties are well-prepared and informed.
This facilitates effective management and utilization of the new schemes.
We prepare and submit the documentation required for regulatory approval.
Our expertise ensures that all necessary paperwork is accurately completed and submitted on time.
This helps achieve timely approval and avoid delays.
We assist in developing internal policies related to new schemes.
Our support ensures that your policies align with regulatory requirements and organizational goals.
This provides a clear framework for managing and administering the new schemes.
We provide support during regulatory audits related to employee benefits.
Our assistance ensures that all necessary information and documentation are readily available.
This helps facilitate a smooth audit process and address any compliance issues.
We manage the implementation process, from design to roll-out, ensuring meeting goals and timelines.
Our project management approach ensures that all implementation aspects are coordinated and executed efficiently.
This results in a successful and timely launch of new schemes.
We integrate new schemes with existing HR and payroll systems for smooth operation.
Our integration services ensure that data flows seamlessly between systems and that operations are streamlined.
This minimizes disruptions and enhances overall efficiency.
We conduct reviews to assess new schemes' success and identify areas for improvement.
Our post-implementation review helps evaluate the effectiveness of the new schemes and make necessary adjustments.
This ensures that the schemes continue to meet organizational needs and objectives.
Our actuaries craft tailored benefit schemes that align with your business objectives and regulatory needs. We ensure your new schemes are both innovative and compliant.
We provide in-depth financial modeling and valuations to forecast costs, assess risks, and ensure the financial health of your benefit schemes.
Our experts identify potential risks and develop strategies to mitigate them while ensuring ongoing compliance with relevant regulations and standards.
In Saudi Arabia, employers are obligated to provide a comprehensive package of employee benefits, which includes:
The recent updates to the Saudi Labor Law have introduced new regulations for end-of-service benefits. Employees with less than one year of service are not entitled to gratuity. However, those with one to five years of service receive half of the salary per month per year, and those with over five years receive total gratuity. These changes impact the benefits valuation for new schemes and influence the management of pension schemes in Saudi Arabia.
Expats in Saudi Arabia enjoy numerous benefits, including:
The top six employee benefits that can attract and retain top talent include:
To calculate (EOSB) end-of-service benefits in Saudi Arabia, employers should:
The 2024 updates to the Saudi Labor Law introduced several key measures, including increased Saudization requirements for companies and stricter regulations for employing foreign workers. These updates may impact the implementation of new employee benefit programs KSA and setting up pension schemes.
Article 74 of the Saudi Labor Law outlines the conditions under which an employment contract can be terminated. These include:
EOSB refers to end-of-service benefits, which are mandatory payments made to employees upon termination of employment. The amount of EOSB is calculated based on the employee's salary and length of service. Proper benefits valuation for new schemes ensures compliance with these rules and helps in setting up pension schemes effectively.
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