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The PBI Employee Benefits Card.
Tax Free Benefits for your employees.
No administration for you.
As a PBI, you have the opportunity of providing $16,050 ($9,095 for private not-for-profit and public hospitals) of tax-free
benefits to all your employees.
There are many advantages to this, including:
- Providing competitive levels of remuneration
- Attracting
employees
- Retaining employees
- Having a reputation as an employer
that looks after staff
Introducing the Employee Benefits Card
An Employee Benefits Card (EBC™) not only has the advantage of helping
your staff make the most of their salary, it also helps you.
Compared to some of the ideas of the past, the EBC™ is a simple and
straightforward system that cuts down on unnecessary paperwork and
administration.
Here are the main features of an Employee Benefit Card:
- It’s a MasterCard (but
there’s
no access to credit)
- Your employees can use it wherever MasterCard
is accepted.
- There’s no waiting for
amounts spent to be reimbursed.
- No credit rating is required.
- Employees have ATM and call centre access to account
balances
- They receive regular monthly statements.
How does it work?
Getting an Employee Benefit Card up and running is a matter of establishing
an EBC™ facility in your workplace. Any salary sacrifice payments
are then electronically transferred to the card account.
The employee can then apply for their Employee Benefits
Card. Once that’s
done, Westpac can issue a card and they can start using it immediately
to pay for expenses.
How much can your employees save?
By offering an Employee Benefits Card, the savings
for your staff are considerable.
Here are some examples of how much they can save:
(inclusive of $160 annual fee)
| Salary |
$25,000 |
$30,000 |
$35,000 |
$40,000 |
$45,000 |
$55,000 |
$65,000 |
| Annual
Saving |
$2,783 |
$2,858 |
$3,399 |
$4,149 |
$4,899 |
$5,056 |
$5,056 |
| Monthly
Saving |
$232 |
$238 |
$283 |
$346 |
$408 |
$421 |
$421 |
| Fortnightly
Saving |
$107
(13%) |
$110
(10%) |
$131
(12%) |
$160
(13%) |
$188
(14%) |
$195
(12%) |
$195
(10%) |
What controls are in place?
As an employer, you have peace of mind because the usage of the
EBC™ is strictly limited with specific controls.
- Expenditure is limited to funds available from salary
sacrifice payments.
- Each month, the amounts spent are discharged from
available funds.
- There are no cash advances.
- There are no direct debits.
What are the advantages for you?
- The card is issued in the name of the employee.
- You control the card issue.
- The limit of expenditure
is ‘set
and forget’
- Employees cannot withdraw cash from an ATM.
- Simple
cessation procedure.
- Zero cost to the employer.
- At the end of the FBT year, the employer simply
runs a payroll deduction report and Westpac reports on the balances
remaining.
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