MIBFA oversees multiple funds designed to protect the financial well-being of employees in the metal and engineering industries. These funds have evolved to meet the needs of workers, ensuring long-term financial sustainability and security.
- How long does Mibfa take to payout?
- Is MEIBC and Mibfa the same?
- How is mibfa calculated?
- Who must belong to MIBFA?
- How do I check my MIFA balance?
- How long does it take to receive funds?
The Metal Industries Benefit Funds Administrators (MIBFA) plays a crucial role in managing industry-specific employee benefits in South Africa. Established to provide financial security for workers in the metal and engineering industries, MIBFA administers various funds that cater to retirement, disability, and sick pay benefits. This guide explores the history, structure, and impact of MIBFA while also providing valuable insights for employees and stakeholders.
Funds Administered by MIBFA
1. Engineering Industries Pension Fund
- Established in 1957, this fund was originally a Defined Benefit fund, providing guaranteed, fixed retirement benefits.
- In 2012, it transitioned to a Defined Contribution model, where benefits depend on contributions from employees, employers, and investment returns.
- This shift was aimed at ensuring the financial sustainability of the fund.
2. Metal Industries Provident Fund
- Established in 1991, this is a Defined Contribution fund where benefits are paid out as a lump sum upon retirement.
- The fund was created through negotiations between trade unions and employers, particularly benefiting workers in rural areas who found it difficult to collect monthly pension payments.
3. Metal and Engineering Industries Permanent Disability Scheme
- Introduced in 1994, this scheme provides financial support to members who become permanently disabled and unfit for any occupation within the industry.
- Membership is automatic for employees under the Engineering Industries Pension Fund and Metal Industries Provident Fund.
4. Metal and Engineering Industries Bargaining Sick Pay Fund
- Established in 1978, this fund assists workers who have exhausted their sick leave and need temporary income support during medical leave.
- Governed by the Friendly Societies Act, the fund ensures that employees have a safety net during health-related absences.
Vision and Mission of MIBFA
MIBFA is committed to being the leading administrator of industry-based employee benefits in South Africa. Their core principles include:
- Delivering high-quality, defect-free service to members.
- Ensuring financial growth and wealth preservation through strategic asset management.
- Enhancing customer satisfaction by removing barriers and ensuring efficient fund administration.
- Providing reliable and accessible support for all stakeholders.
Contact MIBFA
For inquiries, MIBFA has offices in major cities across South Africa:
Johannesburg (Head Office)
- Address: 42 Anderson Street, Johannesburg, 2001
- Postal: P.O. Box 7507, Johannesburg, 2001
- Phone: 011 870 2000 | 0860 10 25 44
KwaZulu-Natal (Durban)
- Address: 320 Anton Lembede Street, Mercury House, 11th Floor, Durban, 4000
- Phone: (031) 365 7700 / 7701 / 7702
Cape Town
- Address: 12th Floor, Golden Acre Towers, Adderley Street, Cape Town, 8001
- Phone: (021) 425 5933