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Attention salon owners – HBSI Pension Fund has been updated

The National Bargaining Council has given notice that the Summary of Benefits offered by the HBSI (Hairdressing, Beauty and Skincare Industry) Pension Fund has been updated.

In terms of the new Bargaining Council Agreement as published in the Government Gazette, the Fund is now compulsory for every Employee in the Hairdressing and Cosmetology Services industry and includes both Party and Non-Party Salons.

Member Contributions: Kwazulu-Natal: 6,50% (tax deductible by employee); All other regions: 6,00% (tax deductible by employee).

Employer Contributions: Kwazulu-Natal: 6,50% (all costs included); All other regions: 6,00% (all costs included).

The rest of the Summary of Benefits is available on the Bargaining Council’s website http://hcsbc.co.za/wp-content/uploads/2023/03/HBSI-Summary-of-Benefits-01-03-2023-final.pdf

Fund Administrators have also issued a communique to clients highlighting that in the unfortunate death of a loved one, many difficulties may present themselves if the deceased has not left clear instructions or if proper records were not kept.

The Council has prepared an “Emergency File Checklist” that can be distributed to employees to encourage them to keep a file with all the necessary documents that will hopefully assist those left behind one day. For more information please contact the Council.