References in periodicals archive ?
Per wealth management firm SEI's latest EoSB survey report, 70 per cent of SMEs in the region do not segregate the funds allocated for EoSB from their working capital.
He added that in times of economic upheaval, SMEs may look at downsizing their staff, only to realise the EoSB pay-outs will make an impact on their bottom line as the liability increases year on year.
Aside from the legal penalties involved in mismanagement of EoSB payouts, the reputational risk to the company could have far-reaching and long-term effects, not only with regards to recruitment and employee morale but also with partners, vendors and industry peers.
"The best way to avoid pitfalls such as these is to ensure that the funds for EoSB are segregated from working capital and, preferably, protected by a trust structure as part of a corporate pension or savings scheme," he said.
Kader added that liability projections are the first step in a well-managed EoSB plan.
Top three tips for SME owners to accommodate EoSB payments
Ensure that the funds allocated towards EoSB payouts are separated from your working capital as this could have serious repercussions further down the line.
EoSB liabilities increase year on year and fluctuate with the number of employees recruited and their tenures at any given point in time.
Ensure the EoSB account is regularly funded EoSB liabilities increase year- on-year and fluctuate with the number of employees recruited and their tenures at any given point in time.
Encourage employee participation Savings plans and pension plans encourage employees to save towards a financial goal that is greater than their basic EoSB entitlement.
Acronyms browser ?
Full browser ?
- EOS Electronic Transfer System
- Eos family
- EOS Ground System
- EOS Ground Test System
- EOS memory
- EOS memory
- EOS memory
- EOS Microwave Limb Sounder
- EOS Mission Operations System
- EOS Mission Operations Working Group
- EOS Mission Support Network
- EOS Operations and Control Center
- EOS Operations Center
- EOS Polar Ground Network
- EOS Polar Ground Station
- EOS Project Office
- EOS Real-Time Processing System
- EOS Scientific Research Program
- EOS Space Measurement System
- EOSDID Backbone Network
- EOSDIS Advisory Panel
- EOSDIS Core System
- EOSDIS External Interface Document
- EOSDIS Ground System
- EOSDIS IV&V
- EOSDIS Mission Operations Center
- EOSDIS Science Network
- EOSDIS Systems Interface Document
- EOSDIS Test System
- EOSIDS Review Group
- Eosin B