Motor surplus millions roll outSam Tsiane
At long last, "workers in the motor industry are receiving their surplus money from Motor Industry Fund Administrators,†says Elias Kubeka, the National Motor Sector Co-ordinator.“
The 2008 year end was a nice Christmas because I received my surplus from the Auto Workers Pension Fund in December.
Given the little bonus that the industry is paying, I could supplement my Christmas bonus with the surplus of R10 000 that I have received from Mifa,†says a motor shop steward from King Williamstown Local.
To date Mifa has paid out R150 million to 41 000 workers. And more and more workers are now coming forward to claim their surplus.
Many did not believe that they would ever receive their surplus money. “I will be happy if all NUMSA members who are former members can claim their surplus money,†says Numsa motor sector coordinator, Elias Kubeka.
Engineering surplusMeanwhile “there are billions of rand waiting to pay the surplus to engineering workers,†says Mathenjwa, a Numsa representative in the surplus fund.“
We are working with our actuaries (financial experts) to ascertain the exact amount of surplus and thereafter we will ask permission from the Financial Services Board to approve the amounts that workers are supposed to get,†says Mathenjwa.
The big question is – how long is it going to take for ex-engineering members to receive their surplus money?Mathenjwa says that “if all members can come tomorrow we can pay it out before June 2009.
However, because it takes so long to get a reasonable number of workers, we have agreed that we will give former members enough opportunity to submit their claims.â€
For further enquiries on the engineering fund please see advertisement below. If you worked in the motor industry and were a member of one of these funds – Auto Workers Pension or Provident Fund – and you haven’t yet claimed your surplus, please contact BRS urgently on 0867277007/8
ADVERTISEMENTSURPLUS APPORTIONMENTMETAL AND ENGINEERING INDUSTRIES RETIREMENT FUNDS
As a result of amendments to the Pension Funds Act in 2007, Bargaining Council Retirement Funds fall under the Pension Fund Act with effect from 1 January 2008.
The Metal Industries Provident Fund and Engineering Industries Pension Fund are therefore required to apportion surplus funds amongst former member of these Funds, should any surplus exist in these Funds at the Surplus Apportionment date.
The trustees of the Funds therefore request anyone who is a member or is a former of the Funds to contact the Metal Industries Benefit Funds Administrators (MIBFA) to ensure that they record the correct contact details for all members.
You should contact MIBFA if you are a member or were ever a member of one of the following Funds:* Metal Industries Provident Fund (MIPF)* Engineering Industries Pension Fund (EIPF)* Metal Industries Group Pension Fund (MIGPF)* Metal Industries Group Life and Provident Fund (MIGLPF)
Please note:1. When you contact MIBFA please have your Identity Number and any documentation you have at hand such as a Benefit Statement from the Fund, a membership card or a salary slip showing contributions being deducted and paid to the Fund.2.
When you contact MIBFA you will need to provide a contact phone or Cell phone number and your postal address.3. Contacting MIBFA does not mean you will be entitled to a benefit.
Only once MIBFA have verified all the data will they be able to determine whether you are entitled to a benefit or not.4. If you are entitled to a benefit, MIBFA will mail you a benefit application form, which you will have to complete and return to MIBFA for processing. 5.
There is no registration fee to contact MIBFA. You are advised not to pay any third parties to assist you in replying to the Funds as the Trustees have set strict procedures to be followed in the process.6. Registration is only open to people who were previously members of the Funds listed above.
Please do not attempt to register if you were never a member of one of the Funds.MIBFA contact details: Phone number: 0861 50 44 55
Source
Numsa news