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 B

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

 

8.1Year 1 - 1,81% of actual wages

 

8.2Year 2 - 3,62% of actual wages

 

8.3Year 3 - 5,43% of actual wages

 

8.4Year 4 - 7,25% of actual wages

 

The phase-in is applicable to employee and employe r 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 apply to the first three months of employment only and the phase-in of the Provident fund shall be implemented from month four.

 

[Part 2 Annexure B(8) inserted by section 4 of Notice No. R. 3666 of GG48959, dated 14 July 2023]