THE Old Mutual Life Assurance Company (Omlac) is giving employees a bonus of 200% on its Pensions Plus Portfolio.
company said this bonus of 200% was in addition to the 50% increase granted on July 1 last year.
The bonus is in the form of a pension increase and is payable immediately.
“The full bonus is applied in respect of increasing pensions in payment for the period July 1 2003 to December 31 2003,” Old Mutual said. “A pro-rata bonus will be applied to increasing pensions in payment for part of the half-year period to December 31 2003.”
Old Mutual changed the pension increase review cycle for Pension Plus.
Up to the end of 2002, annual bonuses were declared. With effect from this year this policy was changed to provide for increases to be declared when possible in January and July each year.