BES

 Objectives


The 2016 BES Enhanced scheme is designed to boost organic recruitment by providing financial allowance to
undergraduate new Representatives (Rep) with no prior industry experience. It serves as a tool to
attract the university undergraduates who want to have a head start in the financial services career
with an option to convert to full time Rep under an allowance scheme upon graduation
New Rep on this scheme will receive a fixed monthly allowance and completion bonus – subject to
monthly and quarterly validation for 24 months

 Key Aspects of 2016 Enhanced BES

 

Program
Objective
> To provide financial support to new organic recruits in their first year who are pursuing
full time undergraduate study so as to head start in the financial services career with
an option to convert to full time Rep under an allowance scheme upon graduation
Program Scope > For eligible new agents contracted with GELS and GEFA
> Only agent level
> 1 tiered package - $500, $1000 & $1,500 allowance per month, subject to IO recommendation
Program
Duration
> The program runs for 24 months for Jan, Apr, July and Oct 2016 Batches
Payment Term > 12 monthly allowance in the first year, followed by bonus payment at the end of month 18 and 24 to encourage performance consistency and retention

 

Eligibility
Conditions
> Age 21 and above
> Open only to full time Tertiary Students
> Relevant academic certificates and documentary proof of full time study to be submitted with BES Application Form for assessment
Validation Rules > Achieved FYC vs Cumulative FYC Validation Target(s)
> Minimum Life Persistency Ratio of 90% is met
> No Leave of Absence during scheme period

 

 General Eligibility

New Rep must fulfill the following conditions to qualify for the scheme:

  1. Age 21 and above
  2. Open only to full time Tertiary Students
  3. Must not possess prior working experience in financial sector as self-employed person
  4. Must not be concurrently employed in another organization, other than required internship for the purpose by the course of study, at the time of appointment and throughout term of scheme
  5. Appointed as a Representative by GEL or GEFA
  6. Relevant academic certificates and documentary proof of full time study are to be submitted with BES Application Form and BES Interview Form for assessment
  7. Upon approval of application, New Rep shall be automatically placed in the subsequently BES Batch
  8. There is 3 Tier of allowance per month under BES, where IO can recommend
  9. Upon graduation, the BES Rep has the option to enroll into an allowance scheme as a full time Rep
  10. The BES scheme will run as stipulated with the allowance for first 12 months, bonus payments on month 18 and 24 (all subjected to rep meeting validation targets). This is regardless of rep's course of study -

i. if rep accelerates modules and completes study earlier,
ii. if rep fails modules and needs to extend course of study, or
iii. if rep continues to extra year such as for honors program,
iv. The only exception is if rep graduates and takes on the full time rep’s allowance
scheme. In that case, the BES scheme will terminate immediately and any remaining
allowance, withheld commission or bonus payout will not be paid.