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Thread: Metal Industries Benifit Fund ( MIBFA)

  1. #1
    Gold Member Martinco's Avatar
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    Oct 2008
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    Metal Industries Benifit Fund ( MIBFA)

    I have recieved from the above fund forms for all my staff that are members, a "Claim" form which implies that there could be some money payable to them as a refund.

    I have read through the document but cannot get to grips with the meaning of the whole thing and what needs to be done.

    Anybody else with this ?

    Lastly, what is the contribution to Provident funds from say the Electrical Industry ? Ours presently 6.6% employee, 6.6% employer.
    Martin Coetzee
    Supplier of Stainless Steel Band and Buckle and various fastening systems. Steel, Plastic, Galvanized, PET and Poly woven.
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  2. #2
    Site Caretaker Dave A's Avatar
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    Durban, South Africa
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    In the electrical contracting industry, different parts of the country have different funds - and possibly even different contribution rates as the rate isn't set in the main wage agreement, but in each of the fund's rules. Some are provident funds and some are pension funds.

    In my neck of the woods (Durban) it's a pension fund and contributions are officially 14%*, 60% of which is payable by the employer and 40% of which is payable by the employee.

    *14% of [what] is the wrinkle in this, so it isn't necessarily 14% of actual earnings. The number used for calculating deductions is the minimum wage for a worker in that category based on a 45 hour working week. When you factor in all the possible variables, such as actual hours worked, the possibility of short time and unpaid leave, the quantum is practically applied as a constant in a sea of variables (one of my many disputes with the bargaining council over the years).

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