YES

 Objectives

The scheme is designed to boost organic recruitment by providing financial support to new Representatives (Rep) with no prior industy experience.  It serves as a tool to attract candidates who may have initial reservations about choosing a fully commission-based career as an option

New Rep on this scheme will receive a fixed monthly allowance - subject to monthly validation - to ease their transition into this career durig the first year whereby it may take time to build up their recurrent income

Completion Bonus will be awarded to new Rep who achieve the stipulated total cumulative FYC target over a fixed 24-month period of this scheme

 Key Aspects of 2015 Enhanced YES

 

Program
Objective

> To provide financial support to new organic recruits in their first year so as to mitigate
the 'high risk/ opportunity cost' perception of joining us as a fully-commissioned
representative

Program Scope

> For eligible new agents contracted with GELS and GEFA
> Only agent level
> 5 tiered packages (higher payouts = higher targets)

Program
Duration
> The program runs for 24 months for Jan, Apr, July to Dec 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 retention and performance consistency. Terms and conditions apply. 

 

Eligibility
Conditions

> Age between 21 to 45 years old.
> Tertiary graduate (degree or polytechnic diploma), or at least 2 years of working
experience with a gross minimum salary of $2,000 per month based on last drawn pay.

Determination of YES Scheme

Target & Payout at

Contract Negotiation

> Relevant academic certificates and salary statement to be submitted with YES Application Form for accessment

> Determining eligibility payouts of $1,500, $2,000, $2,500, $3,000 or $4,000 per month depends on last drawn pay; that works out to about 57% to 89% of last drawn pay; tertiary gradiates without work experience can only opt for payouts of $1,500, $2,000 or $2,500 per month 

 

 

Validation Rules

> Achieved FYC vs Cumulative FYC Target
> Compulsory YES Training completion
> Minimum Life Persistency Ration of 90% is met

 

 General Eligibility

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

  1. Age 21 and above
  2. Minimum Tertiary graduate (degree or polytechnic diploma), or at least 2 years of working experience
    with a gross minimum salary of $2,000 per month based on last drawn pay

  3. Must not possess prior working experience in financial sector as self-employed person
  4. Must not be concurrently employed in another organization or engaged in full time studies at
    the time of appointment and throughout term of scheme

  5. Appointed as a Representative by GEL or GEFA
  6. Relevant academic certificates, monthly salary statements and details of employment history
    are to be submitted with YES Scheme Application Form and YES Interview Form for
    assessment

  7. Upon approval of application, New Rep shall be automatically placed in the subsequently YES
    Batch 

 

 Tier Eligibility

There are 5 allowance tiers, with minimum qualifying criteria set for each tier:

  • Tier 1: $1,500 allowance per month

Tertiary graduates or non-tertiary graduates whom has a last drawn pay of $2,000 - $2,499 per
month

  • Tier 2: $2,000 allowance per month

Tertiary graduates or non-tertiary graduates whom has last drawn pay of $2,500 - $3,499 per
month

  • Tier 3: $2,500 allowance per month

Tertiary graduates or non-tertiary graduates whom has last drawn pay of $3,000 to $4,000 per
month

  • Tier 4: $3,000 allowance per month

Last drawn pay of $3,500 - $4,499 per month

  • Tier 5: $4,000 allowance per month

Subject to company’s assessment of New Rep’s previous income and employment nature and
academic background
Immediate Officer (IO) has the option to choose a lower tier based on new Representative's
eligibility