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

Notices

Purchase

6.1	The Funds/Schemes shall consist of—

6.1.1

all the Fund/Scheme contributions including Additional Provident Fund contributions paid to the Provident Fund;

6.1.2

all interest derived from the investment of any moneys or assets of the various Funds and Schemes; and

6.1.3

all other moneys to which the Funds/Schemes may become entitled.

6.2	All moneys 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 moneys 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 cheque, electronic transfer or cash.

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

6.6	Any moneys 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.

6.7	All employees and all employers in the Industry, including working employers shall contribute towards Additional Provident Fund by default, unless they qualify and elect in writing to become members and contribute to either the Furnmed Sick Benefit Society or the NUFAWSA Sick Benefit Society.