We also offer our unique Stakeholder Contractor Retirement RA, where in the case of a contractor entering into a 9% U/T Retirement Annuity, AWKinekt will contribute 33% of this sum.
This means that the contractor will only pay 27% of the RA cost, as AWKinekt and SARS will pay for 73% of his retirement contribution. This is in line with AWKinekt is socially responsible contractor compensation strategy and in line with the latest King III Governance requirement for Directors to take all stakeholders into consideration when managing and directing the affairs of the company.
Contractors are not subject to the costly Labour Relations Act and its related costs.
None of the raft of fees, taxes and entry/exit costs of the employee/employer relationship in South Africa applies – the cost savings are passed directly onto the client and contractors. Contractors get a 20% tax effective salary structure!!
