Provident Funds

Types of Benefits

The most important benefits payable by TEBA Limited offices to the families of deceased mineworkers are Mineworkers Provident Fund and Rand Mutual Assurance (Workmen's Compensation) payments (see below).

The Mineworkers Provident Fund was established on 1 July 1989. The Fund provides benefits to members, beneficiaries and dependants upon retirement and in the event of death of a member during service. The fund provides the following benefits:

• Retirement Benefits: normal retirement age is 63 years for surface employees and 60 years for underground employees. Early retirement for surface employees is 53 years and 50 for underground employees.
• Death Benefits: dependants of employees are entitled to a funeral benefit, a death benefit (MABS - 36 x the basic wage) and the Fund Credit.
• Retrenchment Benefits: retrenched employees are entitled to their contributions, as well as the employer contribution (plus interest earned).
• Resignation & Dismissal Benefits: Dismissed employees or those who have resigned (and who are not re-employed in the mining industry) receive their contributions, as well as the employer contributions, (plus interest) six months after the date of dismissal/resignation.

The Fund is administered by Lekana Employee Benefits Solutions, a division of Momentum Employee Benefits. The administration office of the Fund is at 45 Commissioner Street, Life Centre, Johannesburg.

Platinum Mines Provident Funds

TEBA Limited is currently in negotiation with Amplats Group Provident Funds, Impala Workers Provident Fund, Masakhane Provident Fund and Northam Platinum Provident Fund for the rendering of both claims-related and financial services.

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