Posts tagged [Provident Fund]
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
"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
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