Labour Relations Act, 1995 (Act No. 66 of 1995)NoticesBargaining Council for the Motor Ferry IndustryExtension to non-parties of the Main Collective Agreement19. Provident Fund |
| 19.1. | The General Secretary of the Council shall arrange for presentations by a number of provident funds, including the Igula Fund and current funds, to make presentations to Council regarding benefits and costs. Council shall deliberate and decide on a single provident fund to be implemented at all employer parties to Council, before 31 July 2019. |
| 19 2. | Where an employee is a member of a retirement fund, the employer of such employee shall contribute to the retirement or provident fund an amount equivalent to at least 10% of the employee's basic pay. An employee shall contribute at least 8.5% of the employee's basic pay to the retirement or provident fund. |
| 19.3. | An employer shall be entitled to deduct from an employee who is a member of any of the aforementioned retirement funds the employee's contribution of 8.5% of the employee's basic pay. The employee's contribution, once deducted, together with the employer's contribution shall be paid over to the relevant fund by the employer by no later than the fifth day of each month or in terms of the rules of the relevant fund. |