Job Summary
Actuarial Valuations of “Social Liabilities” (Post-Employment and Termination benefit liabilities) for SOS Children’s Villages Zimbabwe
Duties And Responsibilities
General Background
In its meeting on 10 September 2018, the Finance and Audit committee (FAC) of the International Senate of SOS Children’s Villages International decided that social liabilities must be calculated by all non-self-sufficient National Associations from 2019 on, and must be reflected in their balance sheets. It is important to have a transparent overview on social liabilities in the federation and in each NA in order to comply with accounting standards and to plan and monitor the future funding requirements for the National Associations.
At SOS, social liabilities comprise all social benefits for employees which are paid by SOS Children’s Villages AND which are mandatory financial obligations accumulated in the past and leading to a future cash-out. These social benefits are either based on mandatory state rules or on SOS Federation Guidelines (if those are implemented/enacted in the Member Association). The social benefits might also be agreed on top of state and Federation rules (voluntarily agreed in individual work contracts).
Out of the broad range of possible employee benefits, only those benefits should be considered here which cause long-term financial obligations after the end of a work contract. They include benefits for retirement, end-of-service for retirement and benefits for voluntary resignation. One important example are the “full retirement benefits” for SOS mothers and aunts living in the village according to HR Standard 10, as explained in the next section.
Several policies and procedures refer to items which cause social liabilities in Member Associations. These are detailed below.
HR Standard 10 specifies the following “full retirement benefits” for SOS mothers and aunts living in the village. Full retirement benefits means the following four elements:
– Monthly Pension: equivalent to 60% of final salary for the rest of their lives
– End of Service Benefit: lump sum of minimum 2 weeks salary for every year of service
– Retirement Housing and Medical Care, both similar to the conditions provided in the village, for the rest of their lives
For possible valuation of items above please refer to chapter “4 Calculation of social liability amounts”. Eligibility conditions for full retirement benefits:
– 15 years of continuous service as SOS mother
– Must have reached the normal age of retirement applicable in the MA
– Having retired while working with SOS
Disability benefits:
– Pension of up to 50% of monthly salary
– 10 years of service (if disability as direct result of work, this can be waived) Death benefit
– Basic death benefit possibly including assistance with funeral expenses (only covered for all employees in “How to” section of Standard 2)
Those conditions as specified in HR standard 10 are not granted to employees of SOS Member Associations automatically, but need to be enacted by the Member Association and become part of the individual work contracts.
Purpose and Objective
The purpose of this Request for Proposal (RFP) is to select a qualified vendor for the provision of
Actuarial Valuation Services in respect of SOS Children’s Villages Zimbabwe’ long-term employee benefit obligations. In details, this include all social benefits for employees which are paid by SOS Children’s Villages Zimbabwe,
(i) either based on mandatory state rules (to be borne by the employer)
(ii) or based on SOS Federation Guidelines (if implemented/enacted in the MA)
(iii) or on top of state and Federation rules (individually agreed in work contract, voluntary) (iv) and mandatory financial obligations leading to a future cash-out.
Only consider benefits causing long-term financial obligations after end of work contract, including benefits for retirement, end-of-service for retirement and resignation
Important example of such benefits at SOS is the “full retirement benefits” for SOS mothers and aunts, according to HR Standard 10 of the International HR Manual.
An Agreement for Services will be established with the most responsive vendor representing the best value for money for SOS Children’s Villages Zimbabwe
The objective of this Agreement is to allow SOS Children’s Villages Zimbabwe to purchase services from the selected vendor as and when required on the rates offered in response to the RFP. The principles of the Agreement are as follows:
a) SOS Children’s Villages Zimbabwe will not be obligated to order any minimum quantity of Services from the Agreement holder;
b) SOS Children’s Villages Zimbabwe shall not be liable for any cost in the event that no purchase of Services is made under the Agreement;
c) This Arrangement is non-exclusive and SOS Children’s Villages Zimbabwe will be entitled to procure the same or similar Services from other vendors, as it sees fit.
Scope of Assignment: Actuarial Valuation Services of SOS Children’s Villages Zimbabwe employee benefit obligations
(i) The actuary is expected to provide an actuarial valuation of the Member Associations’ liabilities for any relevant long-term post-employment & termination obligations. SOS Children’s Villages International will consult with the actuary to review the profile of all relevant data
(ii) The actuary will be expected to draft the IFRS compliant disclosure Note for the 2020 SOS children’s Villages Financial Statements After delivery of the actuarial valuation reports, the actuarial firm may be required / is expected to respond to queries, which may require adjustments to the actuarial valuations.
Engagement of services shall only be binding upon receipt and acceptance by the Agreement holder of an official Purchase Order issued by the Procurement unit of SOS Children’s Villages, Zimbabwe to which the Statement of Work will be attached.
The Agreement holder will invoice SOS Children’s Villages Zimbabwe based on the pre-agreed number of days and the pre-agreed Agreement fixed rate. Such assignments raised against the Agreement will be based on deliverables. All services provided will be paid by SOS Children’s Villages Zimbabwe only once satisfactorily delivered by the Agreement holder in accordance with SOS Children’s Villages’ requirements and upon acceptance by SOS Children’s Villages.
Additional information
(i) An entry meeting will be expected between relevant SOS Children’s Villages Zimbabwe Staff and those of the selected Actuary.
(ii) Data requirements to be clearly stated in writing by the Actuary together with related timetable for SOS Children’s Villages Zimbabwe to provide same.
(iii) SOS Children’s Villages Zimbabwe will provide full relevant SOS Children’s Villages HR rules and regulations relating to Staff Benefits and Entitlements; and additional information upon request on local laws.
Qualifications And Experience
Registered Actuary or Acturial Firm in good standing
More Information
- Job Application Details How To Apply How to Apply to this Request for Proposal (RFP) Interested bidders to this RFP should send an offer made up of the following. • Individual offers per country including methodology with workload estimates. • Financial offers per country showing fixed hourly/daily rates, and total rate of the work to be carried out. E-mail: Applications should be sent to: [email protected] by 14 February 2022
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