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

Notices

Bargaining Council for the Furniture Manufacturing Industry

KwaZulu Natal

Extension to Non-Parties of the Main Collective Agreement

Part 2

Annexure C

11. Provident Fund
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11The Provident fund employee and employer contribution is agreed to be phased in and accumulated as follows:

 

11.1Year 1 - 1,81% of actual wages

 

11.2Year 2 - 3,62% of actual wages

 

11.3Year 3 - 5,43% of actual wages

 

11.4Year 4 - 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 year 4.

 

The "New employees" clause shall not apply to the phase in of the Provident Fund.

 

[Part 2 Annexure C(11) inserted by section 5 of Notice No. R. 3666 of GG48959, dated 14 July 2023]