Acts Online
GT Shield

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

Notices

National Bargaining Council for the Electrical Industry of South Africa

Extension to Non-parties of the Main Collective Agreement

Part l: Scope of Application, Definitions and General Terms and Conditions of Employment

Clause 29 - Interest

 

(1) If any amount that falls due in terms of Clause 31 of Part I and Clause 2(1) of Part II of this Agreement is not received in full by the Council by the 15th day of the month following the month for which the amount is payable, then the employer shall be liable to pay interest in accordance with the following provisions:

 

(i) The interest payable shall accrue on the balance of the amount outstanding from time to time from the said 15th day until the full amount is received by the Council.

 

(ii) An employer who does not pay to the Council the levies and contributions payable by him/her and his/her employees each month on the due date as specified in this Agreement shall pay interest to the Pension and or Provident Fund administrator for pension and/or provident fund contributions as prescribed by the Registrar of Pension Funds in terms of Section 13A(7) of the Pension Funds Act, 1956, as amended, and for all other contributions and levies to the Council, as provided for in terms of the

 

Prescribed Rate of Interest Act, 1975 (Act 55 of 1975) calculated from the due date to the date of payment.

 

Provided that if the Fund and Council agree, the Council shall collect such Pension/Provident Fund late payment interest on behalf of the Fund.

 

(iii) The Council shall, in its absolute discretion, be entitled to waive payment by the employer of any interest which accrues in terms of this sub-clause, with the exception of Pension and/or Provident Fund interest.