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

Notices

Bargaining Council for the Furniture Manufacturing Industry

Extension to Non-Parties of the Main Collective Agreement

Chapter 2: Council Benefit Funds

6. Operation of the Council Benefit Funds/Schemes

 

6.1 The Funds/Schemes shall consist of—
6.1.1 all the Fund/Schemes contributions;
6.1.2 all interest derived from the investment of any monies or assets of the various Funds and Schemes; and
6.1.3 all other monies to which the Funds/Schemes may become entitled.

 

6.2 All monies accruing to the Funds/Schemes shall be deposited to the credit of the particular Funds/Schemes in a separate account with a registered bank within three working days after receipt thereof.

 

6.3 The monies of the Funds/Schemes shall be used for payment of benefits, administration costs and expenditures in accordance with the rules of the various Funds/Schemes.

 

6.4 When benefits or loans granted become payable, the amount due from  the Funds/Schemes shall be paid to beneficiaries or successful applicants by means of electronic transfer to the employee's bank account or any other legal payment method in favour of the employee.

 

6.5 All payments from the Funds/Schemes shall be approved by three persons duly authorised by the Council or the Board of Trustees.

 

6.6 Any monies not required to meet current payment of benefits, administration costs and expenditures shall be invested only in terms of section 53(5) of the Act.