Labour Relations Act, 1995 (Act No. 66 of 1995)NoticesBargaining Council for the Building IndustryNorth and West BolandExtension of Collective Agreement to non-parties17. Saving Fund |
| (1) | The Saving Fund is hereby continued and shall be continued to be administered by Council. |
| (2) | Contribution: Every employer shall, on each pay day deduct from the wages due every day to each eligible employee the contribution calculated as follows: |
| (3) | Every employer shall pay the contributions referred to in subclause (2) to the Council on the employee's normal pay day, and issue the employee with the Council's fringe benefits, indicating the amount of the contribution made. |
| (4) | The contribution referred to in subclause (3) shall be credited to the employee in the Saving Fund. |
| (5) | The Council may recover the costs of the administration of the Saving Fund (as determined by the Council from time to time). |
| (6) | The Council shall, at a date to be determined by the Council each year, pay the employee, together with any money due to him from the Holiday Fund (clause 14), the moneys standing to his credit in the Saving Fund less amounts deducted, if any, in terms of subclause (7). |
| (7) | The Council shall be entitled to deduct from the amount standing to the credit of any employee in the Saving fund, any amount outstanding (to maximum of a R100,00) in respect of trade union subscriptions payable by such employee who is a member of the trade union which is a party to this Agreement, and the amounts so deducted shall be paid over by the Council to the trade union concern. |
| (8) | Notwithstanding this expiry or cancellation of this Agreement, the Council shall continue to administer the Saving Fund until such time as it is liquidated or transferred to any other fund created for the purpose of providing annual leave pay to employees. |
| (9) | In the event of the Council's being wound up or dissolved, the Saving Fund shall continue to be administered by a committee appointed for that purpose by the parties before the winding up of the Council, which committee shall consist of an equal number of employer and employee representatives. In the event of such committee being unable to fulfil its duties for any reason, the parties shall appoint a trustee or trustees to carry out its duties, for this purpose such trustee or trustees shall have the same powers as the committee. |
| (10) | In the event of there being no Council in existence at the time of the expiry of this Agreement, the Saving Fund shall be liquidated by the committee or trustees appointed in terms of subclause (9) above. |
| (11) | In the event of liquidation of the Saving Fund in terms of subclause (8) or subclause (9) above, the balance of the moneys remaining after payment of all claims against the Saving Fund, including administration and liquidation expenses, shall be paid into the general funds of the Council. In the event of the Council's having been wound up before the liquidation of the Saving Fund, the balance of the moneys shall be distributed in equal shares between the parties to the Council immediately prior to its dissolution. |