Labour Relations Act, 1995 (Act No. 66 of 1995)NoticesBargaining Council for the Building Industry, BloemfonteinExtension of Collective Agreement to Non-Parties12. Provident Fund |
| (1) | Provident Fund: |
| (a) | The purpose of the Bloemfontein Building Industry Provident Fund (hereinafter referred to as the "Provident Fund") is to provide eligible employees with retirement, death, disability, withdrawal and funeral benefits. |
| (b) | The provident fund negotiated with Fedsure Life Assurance (Registration Number 12/8/25953), which commenced on 7 January 1991, is continued herewith by ABSA Consultants and Actuaries. |
| (c) | The Council shall from time to time appoint representatives from each party to represent the Council on the Building Industry Provident Fund Board of Trustees. |
| (d) | Membership of the Provident Fund shall be compulsory for all employees for whom wages are prescribed in clause 8(1)(a)(i) and (ii) of this Agreement. |
| (e) | Benefits accruing under the Provident Fund shall not be transferable and shall not be pledged. |
| (f) | The contributions towards the Provident Fund payable by the employer for all category employees amount to 9% of actual wages. The Provident Fund contributions shall be on a 50% employer and 50% employee basis. |
| (g) | An additional amount of 49c per week shall be contributed by the employer towards the Funeral Fund, which forms part of the Provident Fund. |
| (h) | The Contributions shall be paid by the employer to the Council on a weekly, fortnightly or monthly interval basis, depending on the wage interval, and the Council shall pay the same over to ABSA Consultants and Actuaries on a monthly basis. The Council shall be entitled to a 10% collection fee to cover its administration costs. |
| (i) | The Council shall issue a receipt in respect of contributions received, which receipt may be a combined voucher of all benefit contributions received for employees. |
| (j) | An employee may make application for the surrender value payment of his Provident Fund contributions, six months after leaving the industry. |