The Social Security (Minimum Standards) Convention No.102 adopted by the International Labour Conference of the ILO on 28 June 1952 establishes worldwide-agreed minimum standards for all nine branches of social security to encourage the widest development of social security schemes. These branches are; medical care, sickness benefit, unemployment benefit, old-age benefit, employment injury benefit, family benefit, maternity benefit, invalidity benefit; and survivors benefits.
The Laptrust DB Scheme is alive to the minimum standards and as a scheme offers Old Age benefits and survivors benefit. To complement the existing benefits, the scheme has got into an arrangement with insurance underwriters to offer additional benefits in form of insurance cover; these are:
- Group life cover equivalent to three times the annual salary of the members of the scheme (Minimum Amount ranges from USD 5,000 to USD 50,000.
- Funeral grant (last expense) and critical illness. (USD 1,000).
This approach creates a dynamic multi strategy approach in alleviating old age poverty as the primary objective of the retirement benefits scheme; while providing additional benefits to scheme members.