Labour Relations Act, 1995 (Act No. 66 of 1995)NoticesNational Bargaining Council for the Electrical Industry of South Africa:Extension of Consolidation of Collective Agreement to Non-partiesPart I29. Interest |
If any amount that falls due in terms of clauses 30, 31 of Part I and clause 2(1) of Part II of this Agreement is not received in full by the Council by the 15th day of the month following the month for which the amount is payable, then the employer shall be liable to pay interest in accordance with the following provisions:
| (i) | The interest payable shall accrue on the balance of the amount outstanding from time to time from the said 15th day until the full amount is received by the Council. |
| (ii) | An employer who does not pay to the Council the levies and contributions payable by him/her and his/her employees each month on the due date as specified in this Agreement shall pay interest to the Pension and or Provident Fund administrator for pension and/or provident fund contributions as prescribed by the Registrar of Pension Funds in terms of Section 13A (7) of the Pension Funds Act, 1956,as amended, and for all other contributions and levies to the Council, as provided for in terms of the Prescribed Rate of Interest Act,1975(Act 55 of 1975) calculated from the due date to the date of payment. |
| (iii) | The Council shall, in its absolute discretion, be entitled to waive payment by the employer of any interest which accrues in terms of this subclause, with the exception of Pension and/or Provident Fund interest. |