BUILDING: Bargaining Council Announce Record Payout
Recent Western Cape Business News
The Building Industry Bargaining Council (Cape of Good Hope) has announced a record payout this year. Following a recorded 4% increase in industry compliance, as previously announced, the leave payout to employees is close to R93 million - 12% higher than last year’s R83 million. “Despite the present industry slump, we’ve had an increase in compliance, and this together with the annual wage increase accounts for the record annual payout,” said Arnold Williams, Secretary for Building Industry Bargaining Council (Cape of Good Hope).
The holiday and bonus fund payout will be paid over to the employees in December. This figure has increased from last year’s payout due to the increase in wages, which is in excess of 8% calculated from 1 November 2011, in addition to the increase in compliance. The number of employers contributing increased by 5% ; and the number of employees receiving benefits also increased by 5% during the benefit year.
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.
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.
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