BUILDING: Builders Holiday And Bonus Payouts
Recent Western Cape Business News
The Building Industry Bargaining Council (Cape of Good Hope) has confirmed that the annual builders’ holidays for this year starts at close of business on 15 December 2010 and the industry re-opens, a month later, on Monday 10 January 2011, so if you are planning to get any building projects underway this year time is of the essence.
The holiday and bonus fund payout for this year will be around R77million, handed over in December. This figure is on par with last years payout despite the decrease in number of benefits sold, this is due to an increase in the actual value contributed through benefits in cash because wages were increased late last year in addition to the number of days to be paid out as bonuses. “The bonus payout this year is based on twelve days as opposed to eight days in 2009, negating the effect of the decrease in volumes,” said Henry Strydom, Secretary for Building Industry Bargaining Council (Cape of Good Hope).
The leave pay is made up of daily contributions for the mandatory close period at the end of the year and in addition to this, the employees now receive a mandatory bonus payout. “This bonus commenced during 2008 and has increased from four days to eight days for 2009 and to twelve days for 2010. After recent negotiations this will further increase to fifteen days for the 2011 payout,” explained Strydom.
No cash is paid out at the Council’s offices or at any employer’s office as virtually all funds are paid into individual banking accounts or by cheque.
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