The objects of the provident fund shall not be less than—
| 2.1.1. | To provide a retirement savings plan for its members, |
| 2.1.2. | To provide a life and disability benefit for its members, |
| 2.1.3. | To provide an income replacement plan for its members; and |
| 2.1.4. | To provide funeral benefits for its members and their immediate family members, as per the rules of the fund. |
| 2.2. | MEMBERSHIP AND CONTRIBUTIONS |
| 2.2.1. | Membership to the provident fund shall be compulsory for all permanent employees in the Squid Fishing and Related Industries of South Africa. |
| 2.2.2. | Only a duly registered, accredited and Council approved service provider, which complies with the objects of the fund per 2.1. above, shall be considered to provide a provident fund service to the fishermen / employees in the squid industry. |
| 2.2.3. | Each member shall be issued with certificated proof that he is a member of a provident fund and shall be entitled to receive an annual statement of his benefits. |
| 2.2.4. | The minimum monthly contribution per member / employee shall not be less than R 125,00 per month. |
| 2.2.5. | An employer shall contribute 60% of the monthly contribution to the provident fund due by an employee. |
| 2.2.6. | An employer shall pay the full monthly contribution due by an employee to the provident fund during official closed season/s for Squid fishing as may be determined from time to time by the Minster of Agriculture, Forestry and Fisheries. The contribution/s thus made, shall be recovered from the employee concerned at the earliest convenient opportunity once the Squid fishing season resumes. |
| 2.2.7. | An employer shall pay the full monthly contribution due by an employee, being the employee's contribution as well as the employer's contribution, according to the rules of the provident fund and on the day of the month specified by these rules. |
| 2.2.8. | It will be allowable for an employer to pay the total annual contributions due on a once off and annual basis for a 12 month period in respect of— |
| 2.2.8.1. | only the employer's annual contributions (that being 60% of the total monthly contribution) or |
| 2.2.8.2. | with the employee's written consent, the employee's annual contribution as well as the employer's annual contribution. |
| 2.2.9. | Contributions to the provident fund thus paid in advance by an employer on behalf of an employee, may, with the written consent of an employee, be recovered from the employee's monthly remuneration in equal monthly instalments or as otherwise agreed. |
| 2.2.10. | An employer will be responsible for the monthly payment of the risk portion of an employee's and employers monthly contribution to the provident fund in respect of an employee who is temporarily absent from work due to medical and / or other valid reasons. |
| 2.2.11. | An employee's portion of the monthly risk portion of the provident fund thus paid by an employer as per 2.2.10. may be recovered in full, over the same number of months as the number of months for which payment was made on behalf of the employee. |
| 2.2.12. | The council will not be held responsible for any— |
| 2.2.12.1. | contributions deducted and any contributions made or due by and employer, which are not paid to the provident fund, |
| 2.2.12.2. | claims in respect of any benefit, that may arise by an employee who is or an employee who is not, a member of the provident fund and |
| 2.2.12.3. | any administrative function involving the provident fund. |
| 2.2.13. | Registration of an employee with the Provident Fund, shall be subject to a probationary period of not more than 3 (three) successive squid fishing trips with the same employer or employing company, except in such cases where an employee can provide sufficient proof of existing/prior registration/participation with a provident fund. |
| 2.3. | ENFORCEMENT AND COMPLIANCE |
The council will be responsible for enforcement and compliance of all employers and employees regarding the provident fund.
