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Labour Relations Act, 1995 (Act No. 66 of 1995)

Notices

Bargaining Council for the Building Industry, Bloemfontein

Extension of Collective Agreement to Non-Parties

12. Provident Fund

 

(1) Provident Fund:
(a) The purpose of the Bloemfontein Building Industry Provident Fund (hereinafter referred to as the "Provident Fund") is to provide eligible employees with retirement, death, disability, withdrawal and funeral benefits.
(b) The provident fund negotiated with Fedsure Life Assurance (Registration Number 12/8/25953), which commenced on 7 January 1991, is continued herewith by ABSA Consultants and Actuaries.
(c) The Council shall from time to time appoint representatives from each party to represent the Council on the Building Industry Provident Fund Board of Trustees.
(d) Membership of the Provident Fund shall be compulsory for all employees for whom wages are prescribed in clause 8(1)(a)(i) and (ii) of this Agreement.
(e) Benefits accruing under the Provident Fund shall not be transferable and shall not be pledged.
(f) The contributions towards the Provident Fund payable by the employer for all category employees amount to 9% of actual wages. The Provident Fund contributions shall be on a 50% employer and 50% employee basis.
(g) An additional amount of 49c per week shall be contributed by the employer towards the Funeral Fund, which forms part of the Provident Fund.
(h) The Contributions shall be paid by the employer to the Council on a weekly, fortnightly or monthly interval basis, depending on the wage interval, and the Council shall pay the same over to ABSA Consultants and Actuaries on a monthly basis. The Council shall be entitled to a 10% collection fee to cover its administration costs.
(i) The Council shall issue a receipt in respect of contributions received, which receipt may be a combined voucher of all benefit contributions received for employees.
(j) An employee may make application for the surrender value payment of his Provident Fund contributions, six months after leaving the industry.