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:
| Was | Is now | |
| 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.