Gratuity Scheme (“Scheme”)
FIML offers a Scheme for small and medium-sized enterprises (SMEs) employers by automating gratuity calculation and ascertaining monthly contribution, with an optional feature of enabling employees of employers to view their accrued service benefits. The Scheme offers varieties of plans including but not limited to workplan savings plan implemented in line with applicable labour laws.
The Scheme further offers SMEs employers (Clients) in transition from the defined benefits (cash payment at the end of employment) to a more sustainable defined contribution (monthly payments to a separate gratuity fund).
FIML acts under its capacity as a regulated financial institution holding a CAT 3C Asset Management license and authorized by the Financial Services Regulatory Authority (FSRA) to perform the following financial activities:
- Hold and control client monies
- Managing assets
- Provision of financial advice and asset management to retail clients
FIML is appointed by FWS to receive the Client deposits in a segregated Client Money Account, and perform the necessary tasks and processes to facilitate the following:
- Performing the onboarding and client account screening prior to accepting any deposits;
- Conducting the appropriate KYC and Anti Money Laundering checks as per the regulatory requirements;
- Upon successful validation, accepting client deposits to FIML Client Money Account;
- Provision of Asset Management Services to generate a yield return to its clients;
- Produce timely confirmations of client’s transactions; and
- Delivery of detailed monthly financial statements to its clients.
FIML carries a fiduciary responsibility towards all clients to whom it provides the service.