The Metal Industries Benefit Funds Administrators (MIBFA) would like to extend its heartfelt gratitude to all participating employer companies for their invaluable support in implementing the two-pot applications for the withdrawal of the initial savings component, effective from 1st September 2024.
Employer Participation and Challenges
The process has not been without its challenges for some employers. The tasks involved—printing applications, confirming individuals’ annual income and banking details, and scanning the completed applications along with additional documentation back to MIBFA—have been time-consuming and onerous. We fully acknowledge and appreciate the precious time and effort you have invested. Nevertheless, your involvement has been crucial in mitigating the risk of fraud during this initial phase.
Progress and Statistics
Thanks to your efforts, we are pleased to report the following withdrawal statistics as of 13th September:
- Number of Savings Pot claims received: 10,426 (pending verification of all required documents)
- Number and value of claims paid: 216 claims, totalling R4.6 million
- Number of claims processed (pending tax approval from SARS): 347
- Number of members who received zero savings due to IT88 deductions: 47 (21.5% of claims paid)
- Percentage of claims paid to member accounts: 78.5%
We expect these figures to increase significantly in the immediate to medium term.
Streamlining the Process
MIBFA is dedicated to making the application process as smooth and efficient as possible, aiming to reduce the administrative burden on employers. We are in the process of developing and introducing new systems designed to simplify these procedures while enhancing protection against fraud.
Ongoing Support
We understand that changes like these can be disruptive, and we appreciate your patience and understanding as we work to improve the system. Should any employer require additional support during this process, please do not hesitate to contact us at MarketingEnquiries@mibfa.co.za.
Thank you once again for your cooperation and support.
