The Kwa Zulu Natal Clothing Industry Provident Fund was established under Government Notice No.R692 of 12 May 1961. On 22 October 2013 the Fund became registered under Sec 12(4) of the Pension Funds Act under an updated set of Rules.
It exists as an extension of the National Bargaining Council for the Clothing Manufacturing Industry Collective Fund Agreement for the Kwa Zulu Natal Region.
The Fund is a Defined Contribution Provident Fund, which means that the contribution levels (both member and employer) to the Fund are defined at the outset and only changed by way of agreement between the Participating Employers and Union from time to time.
The combined contribution, net of the cost of the risk benefits and Fund’s operating expenses, is invested on behalf of the members to accumulate value, that will ultimately be paid to members as their retirement benefit or such other benefit, should it become payable prior to a member’s retirement.
The Fund’s primary objective is to provide good retirement benefits for members reaching retirement age. Additional benefits are in place to provide assistance for members’ dependants should the member die, and for the member, should he/she become permanently disabled…
as a result of illness or an accident.
The objective of the Fund is to provide retirement and other benefits for members of the Fund and their dependents in the event of death, retirement, withdrawal or disability.
Telephone: 031 362 0700
Email: clothingpf.kzn@nbc.org.za
