BUILDING: Building Industry's Pension Survey Indicates Good News
Recent Western Cape Business News
Although last year has been a tough one for the building industry, the Building Industry Bargaining Council (BIBC) has released positive news in the form of findings from the SANLAM Benchmark Survey, which indicates that the building industry’s pension and benefits fund is fairing well compared to the retirement industry funds and other industry sectors.
The survey has been conducted each year for the last 12 years, with the primary aim of providing fund trustees and members with insights into members’ attitude and towards retirement funding. “We are pleased that the report indicates that the Building Industry is performing very well and far exceeds the averages as found by the Survey in many different categories, and compares extremely well overall,” said Henry Strydom, Secretary for Building Industry Bargaining Council (Cape of Good Hope).
The report included member feedback for the first time, which shed a light on the industry and knowledge thereof. Taking eight months to compile, the survey provides a far-reaching study of the industry, comparing a wide range of criteria including average retirement contributions, disability benefits, death benefits and even administrative costs. “It is pleasing to note that our pension, death and disability benefits fare so well,” added Strydrom.
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