Contribution rate change

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:

WasIs now
Pension funding salary44 hours per week42.5 hours per week
Member’s contribution rate5.6%6%
Employer’s contribution rate8.4%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.