Provident Funds

Applicable to all employees as from 01.04.2005

Auto Workers Provident fund

Existing Auto workers Provident fund members and new engagements from grades 1-6 

Weekly contribution 
Employee Employer Total
7.5 8 15.5

Employee contribution - 7.5% of Basic earnings plus commission to a limit of R 10 394.80 p/m
(Applicable for the period 01 September 2011 to 31 August 2012)

Motor Industry Provident Fund

Existing Motor Industry Provident Fund members and employees is Division B grades 7 & 8 and apprentices.

Weekly contribution 
Employee Employer Total
7.5 8 15.5

Employee contribution - 7.5% of Basic earnings plus commission to a limit of R 10 394.80 p/m
(Applicable for the period 01 September 2011 to 31 August 2012)

Example for Provident Fund calculations based on percentage 

Ex1:

An employee receives a pensionable remuneration of R 360.00 per week  
Deduction of 7.5 % R 27.00
Employers amount 8% R 28.80
Total R 55.80

Ex2:

An employee receives a pensionable remuneration of R 1680.00 per month
Reduce to weekly - R 1680 x 12/52 = R 387.69 pw
Deduction of 7.5 % R 29.06
Employers amount 8% R 31.02
Total R 60.10

Ex3:

An employee receives a pensionable salary of R 2000 per month & a commission
of R 5000 for a particular month
Reduced to weekly - (R200 + R 5000) x 12/52 = R 1615.39
Deduction of 7.5 % R 121.16
Employers amount 8% R 129.23
Total R 250.39

 

 

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