Employee Benefits:
The following employee benefits are provided by the Bargaining Council to registered employees:
The Pension and Provident funds were established more than 5 decades ago by the industry, for the Industry and provide economical Industry based Pension /Provident Scheme/s for all categories of employees.
The schemes are duly registered and administered by Alexander Forbes and managed by a representative and industry appointed Board of Trustees.
The schemes have a combined investment value of over R 400 million which is currently soundly managed by independent investment portfolio managers.
Apart from providing pensions at retirement age, the Funds also provide the following additional cover:
Death & disability cover :
Insured death cover (2 x Annual Salary)
Insured disability cover (2 x Annual Salary)
Funeral Benefits:
R20 000 – Member & Spouse
R10 000 – for children under 14
R5 000 – for stillborn babies
The BIBC no longer operates a local Medical aid howver it recomends the Building & Construction Industries Medical Aid (BCIMA)
BCIMA was created over 50 years ago specifically for employers and employees in the building and construction industry and offers good value.
The fund has a single rate contribution which means that all registered dependants have access to cover which pays for treatments in line with its stipulated annual limits. Members have the freedom to choose any service provider as no network restrictions apply.
A copy of the BCIMA brochure can be found on the BCIMA website at https://www.bcima.co.za
This Fund accumulates the compulsory leave pay of registered employees required by law over a period of 48 (forty-eight) weeks during the year and then pays out the holiday pay together with a holiday savings portion in December of each year.
The holiday pay amount is calculated to include payment for the public holidays which fall within the Annual Shutdown period, so that employers do not have to pay for these additionally!!
This system ensures that registered employees who migrate from one employer to another during any one benefit year, which is common in the Building Industry, are assured of their leave pay at shutdown regardless of where they are employed. The advantage to both employer and employee is that they don't have to pay out/receive leave pay in small amounts throughout the year.
The Fund provides detailed statements to each individual employee regarding their holiday pay, based on the number of weeks each individual has worked during the year.
The fund pays registered employees for up to 20 (twenty) days sick leave per annum.
In addition to this, the fund will also pay the weekly contributions to the employee’s Pension / Holiday and Medical Aid Funds during the period which he/she is off sick.