Implementation of Geneva Conventions Act, 2012
R 385
Labour Relations Act, 1995 (Act No. 66 of 1995)NoticesBargaining Council for the Furniture Manufacturing IndustryKwaZulu NatalExtension to Non-Parties of the Main Collective AgreementPart 2Annexure B: Municipal Area of Kwadakuza, also referred to as Ilembe and/or Lower Tugela8. Provident Fund |
The Provident fund employee and employer contribution is greed to be phased in and accumulated as follows:
| 8.1 | 1 July 2023 to 30 June 2024 - 1,81% of actual wages |
| 8.2 | 1 Jury 2024 to 30 June 2025 - 3,62% of actual wages |
| 8.3 | 1 July 2025 to 30 June 2026 - 5,43% of actual wages (for non parties with effect from 1 July 2025 as per Notice R.3666 of 14 July 2023 under Government gazette 48959). |
| 8.4 | 1 July 2026 to 30 June 2027 -7,25% of actual wages |
The phase-in is applicable to employee and employer contributions towards the retirement fund and will result that employees contribute 7,25% and employers contribute 7,25% at the commencement of 1 July 2026.
The "New employees" clause shall apply to the first three months of employment only and the phase-in of the Provident fund shall be implemented from month four.
