April 17, 2024

Redefining workplace support with new education benefit for employees in South Africa

2 min read

YuLife,  the tech-driven financial services company on a mission to inspire life, has launched its latest benefit offering: the YuLife Education Benefit in South Africa. In a move signalling its commitment to inspiring people to live their best lives, the addition of this benefit is designed to provide financial security for employees’ children in the unfortunate event of the employee’s death or permanent disability.

Fifty-seven percent of urban South African parents do not actively save for their children’s education, according to Old Mutual. With the costs of education only increasing, many South African parents need to seriously think about how they can ensure the full cost of their child’s education is taken care of.

Jaco Oosthuizen, managing director of YuLife South Africa, says: “Being able to sleep at night knowing your children are taken care of is one of the most comforting feelings in the world, and we know this benefit will help many parents experience that. The YuLife Education Benefit goes beyond traditional insurance offerings by providing a comprehensive solution to support the educational and care needs of employees’ children in the event of the parent’s death or disability.”

Key features of the YuLife Education Benefit:

  • Financial security for education and care needs – The YuLife Education Benefit provides financial support for employees’ children, helping cover the costs of education up to the age of 23 as well as care needs in the event of the employee’s death or permanent disability. Beyond that point, any excess funds can still be used if remaining and valid.
  • Coverage for unlimited children – YuLife understands the diverse needs of families. As such, the Education BenefitProtector covers an unlimited number of children.
  • Flexibility matters – Funds in the trust will be managed and can be used for various education-related expenses including fees, school clothes and stationery, sporting equipment, and food and personal care. Unlike other programmes, there are no rigid rules governing failure or school changes, providing maximum flexibility to the child and their family.
  • Fair to all employees – The benefit is calculated using the same percentage of salary for all employees – even for those who aren’t paying high education fees for private or international education.
  • Trustee-managed – A lump sum per child is placed into a dedicated trust that is managed by an appointed trustee rather than a claims administrator. The amount is calculated as a percentage of the member’s annual salary multiplied by the remaining years from age 6 until and including age 21.
  • No ‘use it or lose it’ policy – Any funds left over can be used when the scheme is terminated to help launch the child into the next stage of their life. 

Oosthuizen concludes, “At YuLife, we are committed to enhancing the well-being of our members and their families. We hope this latest addition to YuLife’s benefits continues to help redefine the landscape of workplace support and employee benefits. Most importantly, we hope it helps to safeguard the futures of a new generation of South Africans.”

Leave a Reply