Employee Benefits - Which funds have compulsory membership for employees?
Retirement Fund membership is compulsory for all employees. Both the employer and employee contribute to these. These funds are "tailor-made" for the industry to account for periods of work shortages, etc. In addition to making provisions for retirement, it offers excellent death and disability benefits to employees, as well as funeral cover.
The BIMAF Medical Aid Fund is only for artisans and contributions are paid for by both the employer and the employee.
The Holiday Fund is compulsory for all employees and is contributed by the employer and covers the employee's leave pay during the annual builders’ holiday. The BIBC pays this out to the employees.
The Bonus Fund is compulsory for all employees and is contributed by the employer to cover the employee's annual bonus. The BIBC pays this out to the employees.