Acts Online
GT Shield

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

Notices

Bargaining Council for the Hairdressing and Cosmetology Services (Semi-National)

Main Collective Agreement

34. Pension Fund

 

 

34.1 Establishment of the fund
34.1.1 The PENSION Fund, known as the Hairdressing Beauty and Skincare Industry Pension fund (hereinafter referred to as the ("Pension Fund") is the successor in title of the Hairdressing and Cosmetology Industry Provident Fund which was established on 1 October 1976 and amended on 1 March 2013 by a collective agreement concluded by the parties to the Hairdressing and Cosmetology Services Bargaining Council (Semi-National) and published by the Minister of Labour, and extended by the Labour Relations Act No. 66 of 1995 (hereafter referred to as "LRA"), as amended.
34.1.2 The Pension Funds Act (hereafter referred to as "PFA") was amended from 1 January 2008 to include all Bargaining Council Funds previously registered under the LRA. The Provident Fund was therefore registered under the PFA from 1 January 2009 and the registered certificate was issued by the Financial Services Board on 20 March 2009 with registration number 12/8/37824.

 

34.2 Object of the Fund
34.2.1 The object of the Fund is to provide retirement benefits to members at the date of retirement and death benefits to beneficiaries or nominees of deceased members as defined in the PFA. In terms of the Rules of the Fund, full Fund Credits are payable on leaving service, for whatever reason such as resignation, retrenchment, death, disability or retirement.
34.2.2 The Pension Fund is governed by its Rules, the PFA, the Income Tax Act and all other relevant Acts applicable to Pension and Provident Funds as defined. The Fund is currently administrated by Verso Financial Services (Pty) Ltd, Registration Number 2000/003590/07 (FIAS License number 14985) and approved as an administrator in terms of Section 13B(1) of the PFA.

 

34.3 Contributions to the Fund
34.3.1 As long as a member is a Party or Non Party employee, he/she must make a monthly contribution to the Fund equal to the following scale of his/her prescribed remuneration as contained in the agreement.

Klerksdorp and Potchefstroom - area 2 5,5%

All other areas - areas 1, 3, 4 and 5 6,0%

The employer shall deduct each month from the remuneration of each employee as defined in the Rules an amount equal to the specified amount of the prescribed monthly remuneration of such employee in term of Rule 4.1 (1) as amended.

34.3.2 The Party or Non Party employer shall also contribute an amount equal to the following scale of the employee's prescribed monthly remuneration as contained in the agreement and in terms of Rule 4.2 (1) as amended.

Klerksdorp and Potchefstroom - area 2 5,5%

All other areas - areas 1, 3, 4 and 5 6,0%

These total contributions, i.e. employee and employer shall be forwarded each month in terms of Rule 4.4 to the Secretary of the Council, P 0 Box 1963, Roodepoort, 1725, not later than the seventh (7) day of the month immediately following the month in respect of which it is payable, together with a statement in such a format as prescribed in terms of Section 33 of the PFA

34.3.3 No deductions shall be made or contributions paid in respect of absence on unpaid leave and absences owing to illness or injury on duty, where no payment is due to the employee by the employer in terms of any agreement or under any law.
34.3.4 If any amount which falls due in terms of this clause or in terms of any other provision of this Agreement, is not received in full by the Council by the fixed day, then the employer shall be liable to pay late payment interest as defined in Section 13 of the PFA and calculated as follows on the arrear contributions:

- Less than R10 000 - 20,33%.

(As defined in the PFA: Repo Rate plus 1/3 thereof plus 11

percentage points: currently 7% + 2,33% + 11% = 20,33%)

- Greater than R10 000 - 17,33%

(As defined in the PFA: Repo Rate plus 1/3 thereof plus 8

percentage points: currently 7%+2,33%+8%= 17,33%)

34.3.5 All contributions received by the Council in terms of this clause shall be paid directly to the Fund.

 

34.4 MEMBERSHIP

Membership of the Provident Fund shall be compulsory for all employees, excluding casual employees, who are employed in the Hairdressing and Cosmetology Industry (Semi-National) and who are under the age of 55 as at date of commencement of such employment in terms of the Rules of the Fund and the Collective Agreement, as amended from time to time.

 

As from 1 March 2013 all existing members and new members shall become a member of the National Hairdressing Beauty and Skincare Industry Pension Fund.

All benefits that may have accrued to employees prior to 1st of March 2013 in respect of the Provident fund will be transferred to the National Hairdressing Beauty and Skincare Industry Pension Fund as at 1st of March 2013.

 

34.5        INDEMNITY

The members of the Council and its employees shall not be liable for any debts or liabilities of the Provident Fund and they are hereby indemnified by the Provident Fund against losses or expenses incurred by them in or about the bona fide discharge of their duties.

 

 

The Fund currently has Fidelity Cover in place to cover the Trustees and officials dealing with the Fund.

 

 

Signed by the parties to this agreement in Roodepoort on the 07th day of February 2013.

 

 

.................................................................

COBUS GROBLER

Employers Organisation for Hair-

Dressing, Cosmetology and

Beauty (EOHCB)

 

 

................................................................

STEPHEN DELPORT

UASA-The Union

 

 

..................................................................

KAREN ELLIS

COUNCIL SECRETARY

Hairdressing and Cosmetology Services

Bargaining Council Semi-National