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

Notices

Bargaining Council for the Furniture Manufacturing Industry

KwaZulu Natal

Extension to Non-Parties of the Main Collective Agreement

Part 2

Annexure C: Municipal Area of Mandini also referred as Isithebe

11. Provident Fund
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11The Provident fund employee and employer contribution is greed to be phased in and accumulated as follows:

 

11.11 July 2023 to 30 June 2024 - 1,81% of actual wages

 

11.21 Jury 2024 to 30 June 2025 - 3,62% of actual wages

 

11.31 July 2025 to 30 June 2026 - 5,43% of actual wages (for non parties with effect from 1 July 2025 as per Notice R.3666 of 14 July 2023 under Government gazette 48959).

 

11.41 July 2026 to 30 June 2027 -7,25% of actual wages

 

The phase-in is applicable to employee and employer contributions towards the retirement fund and will result that employees contribute 7,25% and employers contribute 7,25% at the commencement of 1 July 2026.

 

The "New employees" clause shall not apply to the phase in of the Provident Fund.