POL011 | 1 June 2023
The following PENSION FUND policy is implemented with effect 1 May 2015 and will be compulsory to all permanent employees and will become effective after 24 months of uninterrupted service to the company.
REASON:
Due to the unstable economic situation of the country the company feels that it must be compulsory for all permanent employees to be part of a pension fund.
The implementation of the COMPULSORY PENSION FUND will therefore be with effect 1st May 2015.
PURPOSE:
The purpose of the Pension Fund is to have a type of income when an employee reaches retirement age at 65 years old according to the company’s Retirement Policy.
SCOPE:
The pension fund will be applicable to all employees currently employed by the company binding them by this addendum which will form part of the original contract signed between the employee and the company. It will also be implemented with all new employment contracts.
The addendum will be signed by both parties
POLICY:
All permanent employees must be a member of this pension fund and will form part of all employment contracts
Deductions for employee contribution will be made directly from salary at the end of each month, starting May 2015 and payments to the Pension Fund will be as follows :
5% Employee contribution
5% Company contribution
All employees must issue the company with a list of beneficiaries
All employees must sign last will and testament for pension fund payments provided by the company and which will be held in a place of safekeeping
In the case of termination of employment, all final documents will be handed to employee for further handling of the fund contributions with the broker himself/herself
In case of retirement, all necessary arrangements will be done by employer with the broker and given over to employee for further claims
In the event of termination of an employee for any reason (death included), and fraud, theft or any other financial loss suffered by the company due to the employees negligence or dishonesty, the company will be eligible to claim the amount of money back from the pension and/or disability fund.
Disclaimer:
This information is proprietary to Wisani Burial Society, is strictly confidential and may only be used for the purpose for which it has been provided.
Download Policy Here
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