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

Notices

Bargaining Council for the Meat Trade, Gauteng

Main Collective Agreement to Non-Parties

22A. Interest on outstanding Levies and Contributions
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(1) In the event that any fees, levies and/or contributions become due and payable to the Council by the 7th day of the succeeding month or any portion of such amount remains in arrears in terms of this Agreement, the establishment and/or owner concerned shall be liable to pay interest in accordance with the following provisions:
(a) The interest payable shall be compounded daily on the arrear amount from the 8th day of the month in which it is due, until the full amount due has been paid to the Council;
(b) Arrear Retirement Fund contributions shall be subject to interest at a rate as prescribed by the Pension Funds Act, 1956, as amended; and
(c) All other arrear payments in terms of this Agreement shall be subject to interest at a rate as prescribed by the Prescribed Rate of Interest Act, 1975, as amended.