Business Explainer@businessXplain
UNCLAIMED CASH IN MOTOR INDUSTRY
Billions of Rand in unclaimed benefits remain within South Africa’s motor industry, held by MIBCO and its administrators.
Many former mechanics, drivers and factory workers are unaware they are owed provident fund payouts, additional holiday pay (AHP) or death benefits.
The backlog is largely due to outdated contact details, weak employer communication and workers leaving the sector without claiming.
MIBCO says benefits never expire, and claims can be submitted online or at regional offices with an ID, bank confirmation and tax number.
AHP is typically paid within seven days, while provident fund claims take up to 12 weeks.
More details - ln.run/Jto5r
Pictured - Paulos Masemola, General Secretary of MIBCO