Posts tagged [Provident Fund]


  • MIBFA Provident & Pension Fund Contribution Increase

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    As per MIBFA Circular Dated 01/06/2016 the contribution rate for both funds, Metal Industries Provident Fund & Engineering Industries Pension Fund, will increase as from 1 July 2016.

     

    The contribution rate for both employee & employer will increase to 7.1% from 7.0% of pensionable remuneration.

     

    Remember to change the % for employee & employer contributions on your Sage Pastel Payroll & HR package before running your July 2016 salaries.

     

    To Download the full circular received from MIBFA Click Here

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  • Provident Fund Reform Postponed

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    "Government is forced to backpedal on provisions in the Tax Amendment Act that compel South Africans to put two-thirds of their provident fund savings in a retirement annuity.

    The provision meant that retirees would be allowed to take only one-third in cash, while currently they’re entitled to the full amount." - The Herald Port Elizabeth.   To Read More See Below Links To Articles

    The Herald Live:

    http://www.heraldlive.co.za/zuma-government-backpedals-provident-fund-law/

    Business Day Live:

    http://www.bdlive.co.za/national/2016/02/19/provident-fund-fight-drags-on

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