PENSION INCREASES
The Board of Management has as one of its primary objectives the protection of pensions from the impact of inflation.
It has declared a 10% increase in pensions with effect from 1 July 2007 .
It is the policy of the Board of Management that pensioner increases should at least match the inflation rate, where affordable.
The historic pension increases declared by the Fund since 1991 are summarised as follows:
PERIOD |
ANNUAL INCREASE
|
BONUS |
TOTALINCREASE
|
01.07.1990 – 30.06.1991 |
10% |
5% |
15% |
01.07.1991 – 30.06.1992 |
10% |
- |
10% |
01.07.1992 – 30.06.1993 |
10% |
- |
10% |
01.07.1993 – 30.06.1994 |
10% |
10% |
20% |
01.07.1994 – 30.06.1995 |
10% |
- |
10% |
01.07.1995 – 30.06.1996 |
9,75% |
- |
9,75% |
01.07.1996 – 30.06.1997 |
11% |
- |
11% |
01.07.1997 – 30.06.1998 |
10% |
- |
10% |
01.07.1998 – 30.06.1999 |
7% |
- |
7% |
01.07.1999 – 30.06.2000 |
8% |
- |
8% |
01.07.2000 – 30.06.2001 |
7% |
- |
7% |
01.07.2001 – 30.06.2002 |
9,5% |
- |
9,5% |
01.07.2002 – 30.06.2003 |
7% |
- |
7% |
01.07.2003 – 30.06.2004 |
7% |
- |
7% |
01.07.2004 – 30.06.2005 |
7.5% |
- |
7.5% |
01.07.2005 – 30.06.2006 |
7% |
- |
7% |
01.07.2006 – 30.06.2007 |
9% |
- |
9% |
01.07.2007 – 30.06.2008 |
10% |
- |
10% |
FUND MANAGEMENT
The Management of the Fund is vested in a Board of Management, comprising an equal number of Employee and Employer representatives with the Chairman being appointed from either side on a two yearly rotational basis.
Employers are represented by the Steel and Engineering Industries Federation of South Africa (SEIFSA) while Employees are represented by the following Trade Unions:
Metal & Electrical Workers' Union of SA (MEWUSA) |
Solidarity |
National Union of Metal Workers' of SA (NUMSA) |
United Association of South Africa (UASA) |
South African Equity Workers Association (SAEWA) |
The Fund is administered by: Metal Industries Benefit Funds Administrators (MIBFA)
The Fund's offices: Metal Industries House, 42 Anderson Street, Johannesburg The Chairman:
Mr. Z F Mjalo
The Fund's Auditors: Ernest & Young and Xabiso
Principal Officer:
Mr. O Gire Telephone Number: (011)
870-2000
Facsimile: (011) 870-2396
Website: www.mibfa.co.za
All claims related queries should be addressed to the MIBFA call center on the following number: 0860102544 |
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