The Motor Industry Bargaining Council (MIBCO) provident fund payout is dependent on the grade of work. The process of claiming your MIBCO provident fund is not hard.
How to claim your MIBCO benefit fund:
The process of making a claim for your Motor Industry Bargaining Council benefit fund is actually straightforward. The types of payouts are varied such as sick, accident, and maternity kitty, MIBCO provident fund death benefits, and additional holiday pay funds. Each of these types has an accompanying claim form for claiming your payout. Generally, as an employee, you will need the following details:
- Your full name as well as your council number. You obtained the council number upon registration with MIBCO.
- Your identity number.
- Your contact number.
- The start date of your leave as well as the reason for going for the leave, if applicable. You can also get the provident reserve payout on resignation and not just when you want to go on leave.
- If applicable, the period you will be absent from work due to things like sickness or injuries. In this case, you are also required to have a certificate from the medical officer confirming that you are unfit for work.
You may also need the employer details. These include: *
- The name of the company.
- The code of the company. The code is given to the company upon registering with MIBCO. Keep in mind that it is necessary for your employer to be registered. To be on the safe side, get in touch with the Regional Motor Industry Bargaining Council office for confirmation.
Finally, you also need to have your payment details ready. You can use Electronic Funds Transfer (EFT) to get your money. In this case, you will need the following details:
- The name used for the account.
- The name of the bank with the above account as well as its branch code.
- The account number.
According to the MIBCO rules, an EFT payment will only be done directly to your account as opposed to accounts held by third parties. In some cases, such as the Additional Holiday Pay Fund, the benefit is taxable so you should factor that into your calculations. Once you have the relevant details, go ahead and fill the MIBCO claim forms that are relevant to you. Note that you will have to click on “Left Employer” on the relevant form for your MIBCO provident fund claim to be processed.