News

South African Engineers’ and Founders’ Association

Posted with compliments from SEIFSA

4 August 2016

The Chief Executive Officer / Managing Director 
Member companies affiliated to the associations federated to the
Steel and Engineering Industries Federation of Southern Africa

Dear Sir/Madam

AMENDMENT TO S13A OF THE PENSION FUNDS ACT

At its meeting on 1 August 2016, the SEIFSA Board directed that I make member companies aware of recent amendments to the Pension Fund Act that became effective from 28 February 2014. It is vitally important that you company takes note of and/or implements the points noted below:

At a meeting of the MEIBC Management Committee (Manco) on Wednesday, 29 June 2016, it was agreed, subject to a postal vote of representatives in terms of section 10(3) of the MEIBC Constitution, that the Registration and Administration Expenses Agreement ("Admin Agreement") be dealt with as follows:

Please be advised that all SA Engineers and Founders Association members have been invoiced for the current year’s membership subscription during the month of July. Membership fees are made up as follows:

Court judgment issued on 4 May 2016 in the matter beween the Free Market Foundation (FMF) (Applicant) and the Minister of Labour and others, relating to the challenge to the system of collective bargaining in South Africa, and more particularly to Section 32 of the Labour Relations Act, 1995.

Please note that, in accordance with the Industry Pension and Provident Fund Collective Agreement, the annual contribution increase programme gazetted on

3 August 2012 and the respective Fund Rules, the contribution rate for both funds increased from 1 July 2016.

The contribution rate for both employees and employers will increase from the current 7.0% to 7.1% of pensionable remuneration. Please ensure that your monthly return for July 2016 reflects this new contribution rate.

Should you have any enquiries, please contact members of staff in the Industrial Relations and Legal Services Division on (011) 298-9400.

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10 February 2016
By: Ann Bernstein

THE country is in deep trouble: huge layoffs of workers will add to our devastatingly high unemployment. We have a growth rate that will not reach 1% this year, and there is no prospect of a change in policy and attitude by SA’s top leaders.