Every year, 100% of operating profits are distributed to members with qualifying products.
PPS as re-signed as a partner for the HR Indaba, which will be held at the Sandton Convention Centre on 16 and 17 October 2019. Last year, the company viewed the Indaba as an opportunity to gain access to the workplaces of HR professionals because they believe every professional should belong to PPS.
“It makes no sense for a graduate professional to be with any other company. There are no frills, no gimmicks, no extra premiums, just pure value from being a part of the mutual family,” said Ayanda Seboni, the group executive for brand marketing and communications at PPS, when speaking to CHRO in the lead up to last year’s event.PPS was founded by a group of dentists in 1941. These dentists didn’t want their earnings to be affected if they fell ill. In order to protect themselves, they started a society where everyone contributed. These funds would help any member through a period of illness. With this shared value, PPS soon grew to include other like-minded professionals.
PPS is the largest financial services provider in South Africa that operates under the ethos of mutuality, which means that all PPS profits are allocated to PPS members on an annual basis by way of allocations to their PPS Profit-share Accounts. In South Africa, we had many mutual companies in the financial sector, but most of them demutualised and listed as large companies on the JSE in the 1990s.
“PPS continues to be the leading mutual company in South Africa. Every year, 100% of our operating profits are distributed to members with qualifying products,” said Ayanda. “Over the past five years, PPS we have consistently exceeded one billion rand in operating profit – no mean feat for a company of our size and scale. In the 2017 financial year, this amounted to R3,7 billion in profits that were allocated to members, and they can enjoy this money tax-free when they reach the age of 60 onwards.”
As a partner, PPS will have an exhibition stand at the HR Indaba, which will be the largest of its kind in South Africa. It will give HR professionals an opportunity to learn everything they need to know about the latest HR technology, HR strategy, company culture, labour laws, recruitment, employee engagement and HR leadership. It will also bring together thousands of colleagues, suppliers, platforms, universities, specialists, recruitment agencies, CHROs and thought leaders.