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

Notices

Motor Industry Bargaining Council (MIBCO)

Administrative Collective Agreement

Extension to Non-Parties of the Administrative Collective Agreement

Clause 22 - Interest Clause
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(1) Whenever any amount payable to the Council in terms of this Agreement is not paid on the due date, other than amounts due in terms of the Pension Funds Act No. 24 of 1956 as amended from time to time ("PFA"), interest shall be payable monthly on such amount or on any such lesser amount as may remain unpaid, calculated from the due date at the interest rate of 1,5 per cent.

 

(2) Interest on amounts not paid on due date in terms of the PFA shall accrue interest at the rate prescribed in the PFA. Interest collected by the Council in respect of amounts overdue in terms of the PFA shall be collected for the benefit of the provident and / or pension fund.