Members and employers of the Electrical Industry Kwazulu Natal Pension Fund are advised of a change in contribution rates.
In terms of notice No. R. 592 of 2019 published 18 April 2019, Pension Fund Contribution rates have been adjusted as follows:
|Pension funding salary||44 hours per week||42.5 hours per week|
|Member’s contribution rate||5.6%||6%|
|Employer’s contribution rate||8.4%||9%|
The effective date of this change is from 1 June 2019.
The effect of the change is a slight reduction in insured benefits and an increase in contributions being allocated to retirement funding income.