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Life insurance helps small businesses reduce labor turnover

Life insurance products help small and medium businesses attract and retain employees. Eugeny Shcheklanov, Managing Director of SberLife Insurance, spoke about this at the session “Finance for a Growing Business: Rates, Conditions and Support” of the St. Petersburg International Economic Forum. According to him, insurance programs may also appear for the self-employed in the future, reports Gazeta.Ru.
Life insurance helps small businesses reduce labor turnover

It was also noted during the session that small and medium-sized enterprises attracted more than 1 trillion rubles of funding through support programs in 2022. It is planned to increase the volume of preferential loans and alternatives this year as well.

“Small and medium-sized enterprises are facing with the need to review the income of employees today, but this race is doomed in advance, since it is difficult for small businesses to compete with large companies in this. You can look at life insurance programs as an additional system of motivation in this regard. For example, get endowment life insurance and in two or three years from now the accumulated funds can be paid to the employee as a bonus, provided that they continue to work at the enterprise,” said Shcheklanov.

The managing director of SberStrakhovanie stresses that there is tax arbitrage now, so such products are rarely offered.

“Pension funds offer similar programs, but they are designed for a longer period - 20-30 years. Our programs, on the other hand, can help people get paid faster, and SMEs can attract specialists. However, unlike pension contributions, entrepreneurs cannot include such transfers in income tax. We hope for further discussion of this issue within the framework of the insurance commission, which was created under OPORA RUSSIA, so that small and medium-sized businesses have help in retaining personnel,” he added.

Source: https://www.gazeta.ru/business/news/2023/06/14/20668220.shtml

Photos are from open sources.

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