Tuesday, 11 March 2014 12:30

BIBC grows its members’ retirement funds

The Building Industry Bargaining Council has announced that the membership base of the Building Industry Retirement Fund has broken through the 18 000 member threshold and is continuing to grow. This follows many years of a declining membership, due to retrenchments in the building industry caused by a depressed economy. "The Building Industry Retirement Fund reported an increase of 523 in their membership for 2013," added Arnold Williams, Secretary for Building Industry Bargaining Council (Cape of Good Hope).

Williams continued, "The BIBC promotes liveable minimum wages as well as employee benefits, such as retirement benefits, to ensure that employees in the industry can retire with dignity".

  • Members benefit through the Trustees' effort to keep the cost to members at a minimum.
  • Over 80% of the total member's contribution is invested in the actual retirement funds, with the balance used to cover the risk premiums and administrative costs.
  • In an effort to improve benefits for its members, the Funeral Benefit was increased from R11 000 to R15 000 last year.
  • A retired member and his or her dependents now qualify for this benefit until the member reaches the age of seventy, or in a case where the main member has passed away after retirement, his dependents will qualify up to the age that the member would have become seventy.
  • The qualification for a death benefit claim for new entrants has been changed so that only pre-existing conditions are excluded, whereas previously a member only qualified immediately if he or she passed away due to an accident.

Full details of the BIBC retirement fund performance is available on www.bibc.co.za - click News and Click on ""BIBC Retirement Funds' Overview 2013"" under the 2014 news heading.