BUILDING: Builders Holiday Sees Record 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 2009 and the industry re-opens, a month later, on Monday 11 January 2010.
This year also sees the BIBC announcing an expected record holiday and bonus fund payout of around R75million for 2009. “This year’s fund payout is considerably higher than last year, an indication that the industry’s slow down only started affecting contributions in this last quarter,” said Henry Strydom, Secretary for Building Industry Bargaining Council (Cape of Good Hope).
The 2009 payout is almost R9 million more than last year and is approximately double of what was distributed just four years ago. “The contribution percentage has increased and the bonus payout has been enlarged to eight days this year,” explained Strydom. He continued, “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, at the insistence of the trade unions, the employees now receive a mandatory bonus payout. This bonus commenced during 2008 and has increased from four days to eight days for 2009; this will further increase to twelve days next year”.
Even though in excess of R75 million is paid out at the end of the year, 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.
The Council has once again issued a reminder for persons wanting to build to ensure that the contractor is duly registered and compliant with the Building Industry Bargaining Council (Cape of Good Hope). This can be done by visiting the Council’s website www.bibc.co.za or calling the Council’s offices on 021 950 7400.
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