HOLLARD HAS LAUNCHED DXP RETRENCHMENT PRODUCT AT AFFORDABLE RATES
- April 14, 2014
- Our Blog
- Posted by Andrea Prelorenzo
- Comments Off on HOLLARD HAS LAUNCHED DXP RETRENCHMENT PRODUCT AT AFFORDABLE RATES
According to a Survey by labour specialist Adcorp, it shows that South Africa’s weak economy continued to shed jobs over the past 3 months, with retrenchment levels peaking at its highest in 10-years.
Adcorp’s Employment Index report dated the 10th of February 2014 indicated that the economy shed 36,290 jobs in January, primarily in manufacturing and construction. This report tracks what happens to jobs on a monthly basis, while the more official quarterly employment data is released by Statistics SA.
Adcorp labour market economist Loane Sharp quoted “The retrenchment rate is now at a 10-year high while the job mobility rate is at a 10-year low,” ( Courtesy of Business Day Direct).
Hollard RETRENCHMENT PRODUCT
Hollard developed an amazing product to take the sting out of retrenchment by developing a Retrenchment Stand Alone policy, to assist you with your motor vehicle instalments in the event that you experience the unfortunate incident of being retrenched from your permanent employment.
The product is sold in conjunction with your vehicle finance agreement. It will cover your vehicle’s monthly instalment up to a maximum of 3 months per claim, with a maximum benefit of 6 months over the full term of your finance agreement.
This benefit provides you with the peace of mind that you can continue searching for re-employment, whilst your vehicle instalment is taken care of. It will ensure that other responsibilities such as your family’s transportation needs are met.
There is a waiting period of 3 months since the date of inception. Therefore you will only be covered for this benefit from month 4.. You need to be permanently employed. Self-employed individuals or contract workers will be excluded.
The product is priced at an affordable rate of 70c per Thousand Rand. For example, if your vehicle is priced at R100000.00 you will only be paying R70 per month for peace of mind that is PRICELESS.
This is a great way to protect yourself against the uncertainty of retrenchment and ensure you have one less worry in the unfortunate event of being retrenched.