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

Notices

Motor Industry Bargaining Council (MIBCO)

Administrative Collective Agreement

Extension to Non-Parties of the Administrative Collective Agreement

Clause 22 - Interest Clause
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(1)Whenever any amount payable to the Council in terms of this Agreement is not paid on the due date, other than amounts due in terms of the Pension Funds Act No. 24 of 1956 as amended from time to time ("PFA"), interest shall be payable monthly on such amount or on any such lesser amount as may remain unpaid, calculated from the due date at the interest rate of 1,5 per cent.

 

(2)Compound interest on late payments or unpaid amounts and values shall be calculated for the period from the first day of the month following the expiration of the period in respect of which the relevant amounts or values are payable or transferable until the date of receipt by the fund at the rate prescribed.