How long does it take for Mibco to pay out?
I resigned from my previous employer and on the 7 July I gave in my Provident Fund claim form at Mibco offices in Hatfield. I asked the lady how long will the process take to pay out the claim. She said it should take about 4 to 6 weeks to pay out the claim.
Can I borrow money from my Mibco provident fund?
The Fund does not make direct housing loans to its members. The Fund issues guarantees to banks and other financial institutions so that members can obtain a loan by using their “after tax” withdrawal benefit as security.
How do I claim my Mibco provident fund?
How do I claim my MIBCO benefit fund?
- Your full name as well as your council number.
- Your identity number.
- Your contact number.
- The start date of your leave as well as the reason for going for the leave, if applicable.
- If applicable, the period you will be absent from work due to things like sickness or injuries.
Who must belong to Mibco?
1. Membership of the Fund shall be compulsory for all employees in the Motor Industry who are members of the National Union of Metalworkers of South Africa (NUMSA) and who is employed by an employer who is a member of the of the Retail Motor Industry Organisation (RMI).
What does mibco stand for in Labour Relations Act?
About Mibco. The Labour Relations Act Provides for the self-regulation of Industries through the medium of Bargaining Councils. MIBCO is a Bargaining Council as envisaged in the Act whose mission is to create and maintain industrial peace and stability in the Motor Industry.
When did mibco amend the main collective agreement?
MOTOR INDUSTRY BARGAINING COUNCIL – MIBCO AMENDING MAIN COLLECTIVE AGREEMENT in accordance with the provisions of the Labour Relations Act, 1995, made and entered into by and between the Retail Motor Industry Organisation – RMI and the Fuel Retailers’ Association of South Africa
When do you apply for an exemption from mibco?
WHEN APPLICATIONS FOR EXEMPTION ARE RECEIVED FROM FIRMS REQUESTING EXEMPTION FROM THE MOTOR INDUSTRY’S ADMINISTERED RETIREMENT FUNDS, THE FOLLOWING PRE-REQUISITES MUST BE IN PLACE, AS SET OUT IN CLAUSE 40 OF THE COUNCIL’S MAIN AGREEMENT:
How does mibco work with the motor industry?
The Agreements negotiated by the Council are, where necessary, extended by the State to cover the entire Industry once satisfied that the Parties to the Council are in the majority. It is for this reason that all Employers and Employees falling within the Motor Industry fall under MIBCO’s jurisdiction.
