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

Notices

National Bargaining Council for the Clothing Manufacturing Industry

Consolidated Provident Fund Collective Agreement for the KwaZulu-Natal Region

10. Declaration of the Annual Rate of Return and Interim Rate

 

(1) The Management Committee may each year after 31 December, following the tabling of the annual audited statements of account, increase or decrease the benefits stated herein by declaration of an annual rate of return.

 

(2) Each declaration of the annual rate of return shall be in respect of the period ended 31 December of the year to which it applies and, once made, will be applied to determine the member"s benefits in terms of clause 9, for that year.

 

(3) At the same time as the declaration of the annual rate of return, the Management Committee shall declare an interim rate which shall be used to determine benefits payable in terms of clause 9 in respect of the period commencing on 1 January of the year following the last declared annual rate of return to the date upon which the member became entitled to the benefit.

 

(4) Should it be necessary, the Management Committee shall declare a new interim rate at any time during the year.

 

(5) If, after the declaration of the annual rate of return as contemplated in subclause (2) above, such rate of return exceeds the interim rate declared by the Management Committee in terms of subclauses (3) or (4) above for the preceding year, the difference may be allocated in such proportions as the Management Committee may determine, to the Risk Reserve Account and the Investment Reserve Account in terms of clause clause 7 (1) (B).