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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 1

10. General

10.18 Interest payable on outstanding/unpaid fees, levies and contributions

 

In the event that any fees, levies and/or contributions become due and payable to the Council by the 10th day of the month following the month to which an amount or any portion of such an amount relates in terms of this Agreement and such amount or any portion of such amount remains outstanding and unpaid, the establishment and/or employer concerned shall be liable to pay interest in accordance with the following provisions:

 

10.18.1 The interest payable shall be compounded daily on the outstanding/unpaid amount from the 11th of every month in which it is due, until the full amount due has been paid to the Council;

 

10.18.2 Outstanding/unpaid Provident Fund contributions shall be subject to interest at a rate as prescribed by the Pension Funds Act, 1956 (Act 24 of 1956)(as amended); and

 

10.18.3 All other outstanding /unpaid fees, levies and contributions shall be subject to interest at a rate as prescribed by the Prescribed Rate of Interest Act, 1975 (Act 55 of 1975)(as amended).